Gold Pares Losses But 1963 Resistance Holds

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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