Gold Retreats From All-Time Highs

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The precious metal is trading soft on Monday right after prices touched a new all-time high last Friday.

The pace of declines is, however, limited. This means that the upside is still likely to prevail.

On the 4-hour chart, we see that price action is supported by the lower end of the rising price channel.

A rebound off this line will need to see gold prices making higher highs.

Failure to post new gains could potentially put the precious metal at risk of a correction.

Immediate support is near the 1967 handle if the psychological support area near 2000 gives way.

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“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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