By Orbex
The gains in the precious metal saw price rising to the 1950 level. This marks the second retest of this level since November 2020.
Previously, prices fell back right after testing this level. At the moment, the Stochastics oscillator is in the overbought levels.
This could potentially signal another correction lower. The immediate support level is near the 1911 – 1950 level for the moment.
In the event that gold prices continue to edge higher, then a higher low needs to form above 1950. Above this level, the next clear challenge will be the psychological level of $2000.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
By Orbex
- Oil prices remain volatile. The Reserve Bank of Australia signals further rate hikes May 19, 2026
- Gold Recovers Some Losses: What’s Driving the Market? May 19, 2026
- Economic activity in China is slowing. Silver has fallen by more than 8% May 18, 2026
- USD/JPY Rises for Sixth Straight Day: Yen Back on the Cusp of Intervention May 18, 2026
- Optimism surrounding the US-China summit in Beijing supported the markets May 15, 2026
- Gold Falls on US Inflation Concerns as Week Ends in Losses May 15, 2026
- The oil market may remain in a state of severe supply shortage until autumn May 14, 2026
- GBP/USD Under Policy Pressure: What Lies Ahead for the Prime Minister? May 14, 2026
- European stock markets declined amid rising concerns about an energy crisis May 13, 2026
- USD/JPY Continues to Climb Amid External and Domestic Pressures May 13, 2026
