XAU/USD Outlook: Gold extends advance to new highest level since 2009
|GOLD
Spot gold posted new seven-year high on Friday, in extension of strong six-day advance from $1561 higher base.
Persisting fears about coronavirus spreading beyond China and negative impact on global economy, maintain strong safe-haven demand and keep gold price well-supported.
The yellow metal is on track for the biggest weekly rise since early Aug 2019, with weekly close above $1600 psychological level, to add to bullish stance.
With no significant obstacles until $1685/$1700 zone, the way remains open for further advance.
Daily techs are bullish but overbought, however, no firmer negative signals being generated yet.
Bulls may take a breather on week-end profit-taking, with dips to be ideally contained above $1600 level and seen as positioning for fresh upside action.
Res: 1636; 1639; 1642; 1650
Sup: 1631; 1618; 1611; 1603
Interested in XAU/USD technicals? Check out the key levels
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