Gold prices briefly dipped to the 1594 level of support before rebounding slightly higher.
Gold prices briefly dipped to the 1594 level of support before rebounding slightly higher.
With the current momentum in place, there is scope for a move toward the 1655 level of resistance.
We, therefore, expect gold prices to remain range-bound within the 1655 and 1594 levels.
In the event of a breakout above 1655, we expect a move back to the 1700 level.
(Click on image to enlarge)
Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Comments
Log in or sign up to join the conversation.