The precious metal continued its surge with prices rising to fresh highs of 1527 on an intraday basis. The gains come despite the equity markets rising as well. Positive news reports on the China trade deal also failed to keep prices in check.
XAU/USD Could Come Under Risk of a Correction
The current price action indicates that there is scope for prices to correct lower. To the upside, the rally will be capped at 1534. To the downside, the price level at 1514 will act as initial support. A breakdown below this level will likely push prices lower. The next lower support is at 1483.
