The precious metal fell 0.56% on the day on Thursday. However, by the session’s close, gold prices pulled back, consolidating near the 200-day moving average. The rebound in gold prices comes amid reports that the US and China trade talks could hit some obstacles. However, traders are holding back ahead of the payrolls report due later today.
Can XAUUSD Correct Higher?
At the time of writing, XAUUSD is attempting to recover the losses from Thursday. Price action is back to retest the 1272 level. If the resistance level holds we expect to see the downtrend continue. Alternatively, if gold manages to close above the 1272 handle, price action could remain range bound. A daily close, relative to the 1272 region will key in the near term.
