By Orbex
The precious metal is up over 1% intraday on Tuesday. The gains came after prices bounced off the lower support level near 1671.95.
Following this, the breakout of the falling trend line also confirms the upside view.
The next key price target is 1724.62. However, we expect prices to reverse off this level.
It could potentially push gold prices back to the 1671.95 level of support.
But a breakout from this level is also likely considering the consolidation.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly 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.
In such an event, gold prices could be looking to move lower to the 1571.78 level where support could come in and stall the precious metal from further declines.
By Orbex
