The precious metal closed flat on Friday giving up the gains from earlier in the day. The precious metal was seen once again closing the week on a positive note.
The gains were primarily led by weak ISM manufacturing and services reports. However, with the unemployment rate falling to new lows, investor risk appetite rose.
XAU/USD to Maintain Sideways Range
Gold prices are likely to trade in the range between 1508 and 1485. Failure to break past the upper level leaves the precious metal exposed to further losses. Watch the lower level of 1485, which could give way.
A close below this level will see the correction resuming. The downside target remains at the 1431–1428 level of support.
