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XAUUSD Makes Gains, But Upside Remains Weak

Posted On 01 Jun 2020
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Gold prices rose over 0.8% on Friday but prices stalled near previous highs of 1733.0.

While this is a minor resistance level, the gains could push price action closer to the next main resistance level of 1747.00.

Only a convincing breakout above this level will trigger further rallies in the precious metal.

To the downside, there is scope of a pullback as the 1717 handle remains within sight.

A breakdown off this level might trigger a move lower to the 1696 level that was only briefly tested.

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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