The precious metal continued to post some modest gains, rising 0.21% on the day amid the prevailing risk-off sentiment. Brexit developments continue to remain in the forefront with the UK seeking to extend the Article 50 extension from March 29 to end of June.
Can Gold Continue the Upside?
The XAUUSD’s gains have been somewhat modest. Price action hasn’t quite cleared the resistance level of 1306. And, despite an intraday breakout, price settled back below this level. This possibly indicates some weakness around this level. A bearish close today could send gold prices lower to retest the support at 1284.63. While to the upside, the resistance level at 1320 – 1321 remains within reach.
