Investors fled to the safe haven asset gold amid falling risk sentiment. The outbreak of the coronavirus threatens to impact the global economy.
For the moment, investors are focusing on the immediate concerns as they wait for further fundamentals to develop.
The Fed is due to meet later in the week.
XAU/USD Breaks Out to the Upside
The precious metal is posting gains after it broke past the minor resistance level of 1562.00. The minimum upside targets the previously established highs near 1594.
For price action to maintain the upside, gold needs to break past this level. Failure to break past 1594 could signal weakness to the bullish momentum
