Gold Prices Steady Above The 1800 Handle

 

The precious metal is trading comfortably above the 1800 level on Monday. Price action briefly dipped to the psychological round number level to establish support.

However, we see a lower high forming near the top. If gold prices fail to make any further gains, we could expect to see a short term correction.

Price action will no doubt test the 1800 level once again. But if gold prices lose this handle, then we expect prices to correct toward the 1779 – 1780 region where the next major support level exists.

Won't your trader friends like this?
Orbex
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.

Leave a Reply

*