The precious metal closed flat on Friday despite the initial volatility from the payrolls report. The overall strength in the US dollar and the mixed market sentiment kept the precious metal in check.
Can XAUUSD Breakout from the Consolidation?
XAUUSD closed on Friday with a doji pattern, marking a whole week where price remained flat near 1285 support. The current rebound off this level is pushing gold prices slightly higher. We expect price to test the 1300 – 1305 level in the near term but further gains are unlikely. Watch for a reversal pattern near the resistance area for a possible reversal back to 1285 support and an eventual breakdown lower.
