Gold prices retreated on Monday, but price action remains bullish. The precious metal remains well bid as the ongoing tensions between Washington and Tehran show no signs of abating. Even some positive economic data from the US did not help stem the bullish gains in gold prices.
Will XAU/USD Breakout Higher?
This is the question to ask as gold prices approach the previous highs near 1577.68. A breakout past this level will confirm further gains to the upside. The next main target is at the 1600 level. However, if there is a correction, gold prices will be initially stalling near the current lows of 1557.76. A breakdown below this level will trigger declines down to 1534.
