The precious metal traded close to the previous highs that were established earlier in the week. However, the momentum faded as investors digested the news of a possible slowdown in economic growth. With gold prices posting strong gains, it is likely that investors will be looking to book profits into the weekend.
XAU/USD to Consolidate Near Highs
The precious metal is consolidating near the highs. Thus, a sideways range could be formed above the support level of 1509. As long as the previous highs are not breached, gold could be looking to test the support. If the support gives way, then we anticipate a correction toward 1485 where the next main support level stands.
