Gold prices closed the week on a bullish note, snapping three consecutive declines. Price action turned bullish on Friday as risk sentiment rose back into the markets. However, given the current narrative, we could expect to see some volatility. A number of Fed officials are due to speak over the week, which will keep gold prices on the move.
Will XAUUSD Breakout Higher?
XAUUSD has been trading sideways within the range of 1508 and 1485 level for nearly two weeks. Friday’s breakout above the 1508 handle could trigger some near-term gains. But considering that we are watching for a lower high to be formed, there is a good chance that the current breakout will soon fizzle out.
