The precious metal continued to maintain the strong upside momentum. Gold prices rose to fresh highs on Tuesday, testing highs of 1474. The gains in gold come about as the recent declines in equity markets saw a strong risk aversion. Investors shed the risk appetite and fled to safe-haven assets amid continued uncertainty.
XAUUSD Likely to Test 1500 Next
If the current momentum is anything to go by, gold prices could be seen rising to 1500 in the near term. This would mark a new six-year high, at which gold is already trading. Technically, the upside breakout from the ascending triangle pattern indicates the minimum upside target to the 1500 level. Any declines could be limited to the breached resistance level of 1431–1428 region.
