XAUUSD Consistently Posting Lower Highs

xausd

The precious metal is trading somewhat bullish as it attempts to recover the losses from the previous two sessions.

However, the intraday charts show a consistent lower high forming, alongside lower lowers.

This is indicative of a downtrend that is not that significant just yet. For now, prices are back above the 1717.65 level.

A breakdown here could see price slipping to previous lows of 1696.86.

Only a strong close below this level will confirm further downside which could come around the 1671.95 level.

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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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