The precious metal logged gains on Thursday, continuing from the momentum early in the previous sessions. The gains come despite the Fed signaling that it would not be cutting rates further.
However, a modest risk-off sentiment in the market due to larger themes led to gains in safe havens.
XAU/USD Could Breakout Higher
The precious metal is testing the familiar resistance area of 1511. A breakout above this level will trigger the bullish ascending triangle pattern. This will see further gains in store.
However, with prices pulling back from the resistance level there is scope for a possible correction lower as well. On the daily timeframe, Thursday’s rally sees price breaking out from the falling trend line. This could confirm the upside in the near term.
