XAUUSD Maintains Gains Above 1600

xauusd

Gold prices are holding steady after rising above the 1600 level.

Support is being tested near the 1594 level currently.

If the support holds, then we expect price action to rise to the 1655 level. This will mark a full completion of the declines a few weeks ago.

Gold will also be trading back to the highs near 1700 in early March this year.

In the event of a breakdown below 1594, the next lower support near 1570 will likely hold.

Won't your trader friends like this?
Orbex
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.

Leave a Reply

*