Gold Retreats From All-Time Highs

0 51

The precious metal is trading soft on Monday right after prices touched a new all-time high last Friday.

The pace of declines is, however, limited. This means that the upside is still likely to prevail.

On the 4-hour chart, we see that price action is supported by the lower end of the rising price channel.

A rebound off this line will need to see gold prices making higher highs.

Failure to post new gains could potentially put the precious metal at risk of a correction.

Immediate support is near the 1967 handle if the psychological support area near 2000 gives way.

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

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.