Trading news

Gold Retreats From All-Time Highs

The precious metal is trading soft on Monday right after prices touched a new all-time high last Friday.

The pace of declines is, however, limited. This means that the upside is still likely to prevail.

On the 4-hour chart, we see that price action is supported by the lower end of the rising price channel.

A rebound off this line will need to see gold prices making higher highs.

Failure to post new gains could potentially put the precious metal at risk of a correction.

Immediate support is near the 1967 handle if the psychological support area near 2000 gives way.

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Tuesday, 11 Aug, 2020 / 11:49

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Source : https://www.orbex.com/blog/en/2020/08/gold-retreats-from-all-time-highs

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