Forex Trading Library

Gold Prices Hold Steady Despite A Rising Dollar

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The precious metal is trading flat for the second consecutive day. This comes as price approaches the 1911.50 support area.

If gold prices lose the 1911.50 handle next, then we expect steeper declines. Below this level, the next main support area is at 1817.80.

Considering that gold prices barely formed any support in the rally in the past months, a retest to this level will signal a correction.

To the upside, price action is currently stalled with the trend line. But if the trend line is breached, then gold prices could rise back to test the 1967 level. Here, resistance will keep a lid on the commodity making further gains.

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