The precious metal continued its bullish trend, as it closed Friday with 5 consecutive weeks of gains. Gold prices briefly tested highs of $1400 an ounce before retreating back to settle at $1399.29. The gains come as most of the central banks shift to a dovish bias alongside some global uncertainty on trade.
Will Gold Pull Back from the Current Highs?
The XAUUSD could see some form of a pullback in the near term, especially after testing the 1400 level. The immediate lower support is seen at the 1354 handle. Establishing support at this level could keep the bias to the upside. However, following the pullback, gold will need to break past the current highs above 1400 to keep the gains coming. To the downside, a close below 1354 could send gold lower to the 1320 support.
