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XAUUSD Holds Steady Ahead Of A Breakout

Posted On 05 May 2020
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Gold prices are trading modestly flat with the bias staying mixed at the moment.

Price action is caught between the resistance and support levels of 1712.50 and 1691.75.

A breakout from this range could see a short term direction forming.

So far, price action has been forming a lower high which suggests a possible move lower.

But, gold prices need to close below the previous local lows of 1671.95 to confirm the downside bias.

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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