Forex Trading Library

Gold prices breakout higher, but can the momentum continue?

0 485

Gold prices are up close to 0.80% on the day led by a modest risk-off rally.

This comes amid renewed tensions between the United States and China.

The breakout off the 1712.50 level comes after a prolonged period of consolidation.

However, gold is not out of the woods as it approaches the previously set highs near 1747.

Only a strong breakout above this level will confirm whether gold prices can continue the rally.

Meanwhile, the ascending triangle is validated which gives an upside to 1746, followed by 1763.

Test your strategy on how gold will fare with Orbex - Open your account now. 

Leave A Reply

Your email address will not be published.