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Gold Tests Previous Highs

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The precious metal is building upon a bullish momentum from last Friday. This has led gold to test the previous nine-year high of 1817.79.

However, prices remain muted following the initial retest. A strong breakout above this level is needed to confirm the upside in gold.

However, we might expect to see a pullback in the short term. The price area near 1800 might be at risk of being tested for support once again.

Overall, gold prices continue with the sideways consolidation near the highs.

We might begin to see price giving way to a potential breakout eventually from this range.

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Source: https://www.orbex.com/blog/en/2020/07/gold-tests-previous-highs
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