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Gold Tests 1950 Once Again

Posted On 06 Jan 2021
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The gains in the precious metal saw price rising to the 1950 level. This marks the second retest of this level since November 2020.

Previously, prices fell back right after testing this level. At the moment, the Stochastics oscillator is in the overbought levels.

This could potentially signal another correction lower. The immediate support level is near the 1911 – 1950 level for the moment.

In the event that gold prices continue to edge higher, then a higher low needs to form above 1950. Above this level, the next clear challenge will be the psychological level of $2000.

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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