The precious metal continues to drift slightly flat albeit with an upside bias. The flat price action remains in play as investors await some big-ticket items later this week. A number of central banks are meeting over the week including the BoJ and the ECB. However, no changes are expected from either of the central banks.
XAU/USD Approaching Resistance
XAUUSD is approaching the resistance level of 1562. A breakout above this level will confirm the upside and could push gold prices back to previous highs. However, if the resistance level fails, we could expect to see a downside breakout. This keeps the bias in XAUUSD equally balanced. The lower support is seen at 1534.00.
