Forex Trading Library

Gold Loses its Shine as it Nears a Two-Month Low

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The precious metal remains in a bearish move after earlier this week, price failed to hold above the 1900 level.

A brief retracement saw prices testing the 1911.50 level. But with no further room to go, gold prices reversed direction.

At the time of writing, the precious metal is approaching a two-month low. If the bearish trend continues, we could see gold touching down to the 1817.79 level.

This forms a major support level that is quite likely to hold. However, expect to see possible retracements as gold prices make its way to the lower support area.

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