Gold Rises Sharply As Investors Take Caution

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The precious metal is making the final push towards the 1800 handle. Price action is gaining momentum as gold is a few points away from the elusive price target.

The Stochastics oscillator is also showing renewed momentum to the upside.

However, we could expect some profit-taking at this level. This means that gold prices might be at risk of a pullback.

Initial support can be seen at the recent swing high point of 1787.

A close below this level will see gold prices pushing down to the 1760 handle.

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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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