Gold Price Retreats off 1950 Resistance

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The precious metal once again failed to breakout above the key 1950 level of resistance.

Following the failure, gold prices lost close to 2.30% intraday. The declines push gold prices back to the key support level near the 1900 – 1911 price area.

As long as this support level holds, gold is likely to post a rebound.

However, if price closes convincingly below the 1900 level then that could potentially put an end to the current rally.

For the moment, the bias in gold prices remains mixed.

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