Gold prices surged the most last week on Friday, closing with 0.70% gains. The rebound in gold came just after the US preliminary GDP report was released. Despite a strong upside surprise in the GDP, gold managed to jump higher, erasing the losses from earlier in the week.
Can XAUUSD Maintain this Upside?
Price closed at the 1285 handle on Friday. This is a level that we have been closely watching. Further upside could push gold to as high as 1290 levels. However, for the moment, it is best to remain on the sidelines. Price needs to reverse around the current levels to maintain the downside. But a failure to do so could see the precious metal reversing course and pushing higher above 1290.
