The precious metal was paring losses as it maintained a modest bullish streak. Still, price action remains under pressure. Gold prices gained momentum after the payrolls report was released.
The gains come as investors pared gains on the riskier equity assets.
XAU/USD Retraces Trend Breakout
The precious metal retraced losses and moved back to the breakout area from the minor trend line. The price region between 1573 – 1569 is now acting as resistance.
A reversal off this level could push gold back to the pivot lows of 1548. Alternately, an upside breakout will shift the bias back to the upside.
