HomeContributorsTechnical AnalysisGold Price Retreats Off 1950 Resistance

Gold Price Retreats Off 1950 Resistance

The precious metal once again failed to breakout above the key 1950 level of resistance.

Following the failure, gold prices lost close to 2.30% intraday. The declines push gold prices back to the key support level near the 1900 – 1911 price area.

As long as this support level holds, gold is likely to post a rebound.

However, if price closes convincingly below the 1900 level then that could potentially put an end to the current rally.

For the moment, the bias in gold prices remains mixed.

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