The precious metal is retreating after a strong rally in the commodity. Falling tensions have made the safe haven less appealing. This would potentially mark a decline in gold prices. However, given the fact that there is potential for the middle east tensions to rise, it is possible that gold prices could snap back.
XAU/USD Could Post Declines in the Near Term
XAUUSD is posting declines and this is likely to see a retest of the previous lows near 1557.76. If this support breaks then prices could slip further. The next main support is at 1534.10. The upside bias remains as long as prices are supported above this level.
