Gold Rises To An Eight-Week High
Gold prices popped higher as the US dollar continued to extend declines. The pace of gains in the precious metal was however bigger, rising almost 2% intraday.
The gains come amid a mixed set of narratives, including the Georgia senate runoff election.
Price action has finally emerged from the consolidation from which there has been an ascending triangle pattern.
The current gains put gold prices within reach of the 1950 level next. A strong close above this level is required to confirm further upside.
To the downside, we expect prices to retest the 1900 – 1911 level in the short term to establish support.
Reprinted from ActionForex，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.