The precious metal continued to surge higher on the day as price tested $1400 an oz earlier this morning. The gains come as central banks shift to dovish forward guidance across the globe. Meanwhile, rising tensions between Washington and Tehran also add to the global concerns of a potential fallout into a war.
XAUUSD Could Consolidate Near Highs
Following a week of strong gains, gold could pause its gains in the short term. After this morning’s spike to 1400.00, which is a key psychological level, gold prices could see a pullback. In the short term, support could be seen at 1390.25. However, for this pullback to occur, the precious metal will need to signal a bearish reversal pattern near the current highs.
