Gold Prices Turn Bearish For The First Time In nine Weeks

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Price action in the precious metal is showing a slowdown in the pace of gains.

Following nine weeks of gains, gold prices ended the week on a bearish note.

While price has managed to rebound off the lows near 1875, it has yet to breach the resistance level near 1967.

A close above 1967 is needed to confirm the upside. We expect price action to remain trading soft within these levels for the moment.

Above the 1967 level, the previous highs near 2070 will prove to be critical in the near term. This is if gold has to maintain its gains.

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