The precious metal held the weekly gains into Friday’s close. The recovery in gold comes as investor concerns are high on the trade tensions. The markets were in a risk-off mode for the most part last week. This led to a gain in safe haven assets including gold and the Japanese yen.
XAUUSD Stands at a Key Level
Friday’s recovery saw gold prices retracing the intraday losses as price closed back near the 1285 resistance level. This will be key as a strong breakout from this level could indicate a possible shift in the trend. On the other hand, if the resistance area near 1285 holds, gold prices will be looking at further declines. Prices could slip to the 1240–1250 region in the near term.
