Forex Trading Library

Gold Jumps Higher, But Fails Near Resistance

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The precious metal managed to continue posting gains.

Price action surged higher after the ECB meeting, as gold rose to the 1967 handle. Prices were quickly rejected near this level as gold pulled back.

The confluence of the trend line and the horizontal support level is proving hard to break out from at the moment.

If the reversal continues, then gold prices could potentially drift back to the 1911.50 support area.

But this time around, price action could possibly break this level of support.

A close below 1911.50 will see declines down to the 1817.80 level at the very least.

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