ad
Forex Brokers Award 2021
Vote your favourite broker
$30 Forex No Deposit Bonus best offer on market

Gold Pops Higher At The Open, But Momentum Stays Weak

Jun 23 2020, 07:41 PM (BDT) | Orbex.com

xauusd

The precious metal gapped higher at the open today in an attempt to break out from the confines of the current highs.

However, after rising to intraday highs of 1762.96, price action is pulling back sharply. This could potentially result in a doji candlestick pattern.

The gains remain limited despite gold prices breaking past the upper end of the range of 1747. Unless support is established at this level, we do not expect to see any strong gains coming its way.

In the event of a breakdown below 1747, we expect the downside to come under pressure, potentially exposing gold to further declines.

Orbex.com

At Orbex, the client is at the heart of everything we do and everything we do is designed to guarantee your satisfaction. Here’s how Forex Trading with Orbex will enhance your trading experience: Best-in-class customer service, including live chat and free webcall One-hour response time for sales and support requests Multiple asset trading and ECN accounts on MT4 0.9 pip fixed spread at ZERO commission Up to 1:500 leverage
ad