The precious metal is outperforming the equities, reflecting the general market sentiment. Currently, economists continue to assess the global economic impact due to the Coronavirus outbreak. Major equity indices continue to decline as investors favor the safe-haven gold.
XAU/USD Rally Still Has Room to Grow
XAUUSD is keeping up with its bullish momentum as prices touched a new 7-year high on Friday. However, despite some modest pullback, price action could easily target the 1653.95 or 1654 handle in the near term.
This will mark the completion of the ascending triangle pattern formed on the monthly charts. To the downside, any pullback will be limited to the 1631 handle.
