The precious metal was trading flat on the day amid a scale back in investor sentiment. Rising investor sentiment about a dovish Fed over the next few months also saw a modest increase in demand. Further to this, the weak stretch of US data added to the build-up in gold sentiment.
XAU/USD at Resistance – Will it Breakout Higher?
Price action is testing the resistance level of 1462.62. A breakout above this level could potentially open the way for further gains. The Stochastics oscillator is currently turning bullish. This could potentially trigger a build-up of momentum. But we expect prices to remain calm in the run-up to this Friday’s jobs report.