The precious metal hovered near the top end of the rally, despite posting a modest intraday low. Gold now remains close to a six-year high. Trade tensions and uncertainty across various economies keep the safe-haven asset in demand. While there has been some improvement in the equity markets, gold has managed to hold its ground so far.
XAUUSD Holds Steady
The precious metal has been holding steady near the top. Price action remains muted for the moment. Price is trading within the range that was established on Monday. Any near- term gains need to come only on a breakout above 1544 level. In the near term, the outlook in gold remains to the downside. The initial support at 1508 is likely to be tested.
