The gains in the equity markets put the price of gold in check. The precious metal is falling for the second consecutive day. Despite investor concerns of the impact of Coronavirus, equities are holding on to the gains. The declines also come amid the USD trading stronger on the back of positive economic reports.
XAU/USD Could Test Support at 1534
The precious metal maintains a bearish outlook. Price action is likely to slide toward the 1534 level of support initially. In the short term, the price level at 1561 could be tested from the downside. If resistance holds, then we anticipate further declines lower, on a break below the 1534 level.
