Gold Tests 1950 Once Again

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.

By Orbex