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Gold Trades Flat As Investors Look For Direction

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The precious metal is trading rather flat as the momentum is easing.

Gold prices are trading close to the 1728 level as the rising trend line is broken.

As long as XAUUSD does not rise above 1731.70, we expect the bias to remain to the downside.

The lower support area at 1717.65 remains critical in this case.

A break down below this price level will signal further declines. The next lower support is at 1672 level which will mark a strong correction to the current rally.

To the upside, XAUUSD will see the gains stalling near 1747 level which has proven to be hard to break so far.

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Source: https://www.orbex.com/blog/en/2020/05/gold-trades-flat-as-investors-look-for-direction
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