The precious metal advanced for the second consecutive day. This was followed from Friday’s bullish price action. Market sentiment remains cautious amid the U.S. and China trade talks not making much progress. Concerns about the global economy and Brexit remain the key headwinds in the near term.
XAU/USD Tests Three-Week High
The currency pair broke out from the sideways range and continued to maintain the upside bias. As a result, the precious metal rose to a three-week high. However, XAUUSD retreated from the intraday highs. Price action is likely to test the upside breakout level of 1508.00 to establish support.
