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Gold Tests Previous Highs

Posted On 21 Jul 2020
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The precious metal is building upon a bullish momentum from last Friday. This has led gold to test the previous nine-year high of 1817.79.

However, prices remain muted following the initial retest. A strong breakout above this level is needed to confirm the upside in gold.

However, we might expect to see a pullback in the short term. The price area near 1800 might be at risk of being tested for support once again.

Overall, gold prices continue with the sideways consolidation near the highs.

We might begin to see price giving way to a potential breakout eventually from this range.

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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