The precious metal caught a bid as it surged over one percent into Friday’s close. The gains came amid a mix of cautious fundamentals. Most importantly, the current themes affecting investor sentiment include the coronavirus, the US monetary policy course, and global economic growth.
XAU/USD Could Stall Near 1600 Resistance
The current gains in XAUUSD will see prices rising to test the 1600 level. This will mark a more firm test of this psychological level. Although prices tested this level previously, they were rejected sharply.
Thus, a close near 1600 will confirm the resistance level. This will now open the way for a possible correction. The breakout level of 1562 will be the prime candidate in case of a decline.
