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XAUUSD Higher At The Open, But Fails To Build Up Momentum

Posted On 02 Jun 2020
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xauusd

Gold prices opened higher on Monday, but price action has failed to make any major gains.

We expect to see a flat close which could potentially suggest the downside building up. This also coincides with the lower high that is currently forming.

In the near term, the lower support at 1717.65 might be able to stall the precious metal from declining further.

This potentially puts the gold price to move into a sideways range, unless there is a strong breakout lower.

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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