The precious metal did not make any major gains but closed on Friday with some moderate gains. The gains come on the back of weak economic data from the US.
It also now puts the Fed’s policy choice in question. The central bank said that it would not cut rates further. But the markets remain skeptical about this.
XAU/USD Consolidations at Resistance
Friday’s price action saw XAUUSD closing back at the resistance area of 1511. There was a modest recovery above this level towards the closing hours. Price action needs to follow through from here to confirm further upside.
The next main resistance is at 1534 which could be tested if the bullish momentum can prevail.
