Gold Pares Losses But 1963 Resistance Holds

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The precious metal recovered from the declines from Thursday as Friday’s price action pushed price higher.

Gold prices settled near 1963 into Friday’s close. A familiar resistance level price action on the intraday charts was somewhat bearish.

Unless there is a strong breakout to the upside above 1963, gold is likely to move back lower.

We could see price action moving into a sideways range between 1963 and 1910 in the near term.

Only a breakout from this range will potentially confirm the next direction in the trend.

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