Gold Rises Sharply As Investors Take Caution

Wednesday, 08/07/2020 | 11:35 GMT-0

Disclaimer

The precious metal is making the final push towards the 1800 handle. Price action is gaining momentum as gold is a few points away from the elusive price target.

The Stochastics oscillator is also showing renewed momentum to the upside.

However, we could expect some profit-taking at this level. This means that gold prices might be at risk of a pullback.

Initial support can be seen at the recent swing high point of 1787.

A close below this level will see gold prices pushing down to the 1760 handle.

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Source: https://www.orbex.com/blog/en/2020/07/gold-rises-sharply-as-investors-take-caution

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