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Gold Prices Gain But Likely To Trade Flat

Posted On 07 Dec 2020
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xauusd

The precious metal settled above the 1817.80 level on Friday, with some modest declines.

Price action has been trading above after rising above this level last week.

A sideways range is emerging as a result of gold prices trading between the 1850 and the 1817.80 levels for the moment.

We could expect to see prices resuming the downside if it fails to rise above 1850.

The Stochastics oscillator is also moving out from the overbought levels indicating the move lower.

For now, the previous lows near 1771 remain the key downside target for gold.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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