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XAUUSD Extends Declines As Further Downside In Scope

Posted On 28 May 2020
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xauusd

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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