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Gold Retreats From All-Time Highs

Aug 11 2020, 05:49 PM (BDT) | Orbex.com

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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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