Gold Trades Above 1800, But Fails To Make New Highs

The precious metal is holding steady above the 1800 psychological level. However, price action is yet to post fresh highs.

During the intraday session on Tuesday, price briefly slipped to lows of 1790.28.

However, price action was rejected at this level, pushing gold to close above 1800.

If the precious metal fails to breakout above the 9th July highs of 1815.77, we expect the sideways consolidation to continue.

This would probably increase the odds of gold prices making a correction down to the 1780 level of support.

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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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