XAUUSD Extends Declines As Further Downside In Scope


Gold prices are pushing lower after the precious metal failed to find support at 1717.65.

The breakdown below this level has led to gold falling over 0.80% intraday.

Prices are now trading off a minor support level at 1696.50.

If this level holds, we expect some consolidation with the price levels.

Alternatively, a break down below 1696.50 will see gold prices falling back to lower support near 1671.95.

This will mark a much-anticipated correction in gold prices in the longer-term horizon.

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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