XAU/USD Outlook: Gold extends advance to new highest level since 2009
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. Read more...
Gold continues to trade above $1,630, near seven-year high set earlier
After breaking above the critical $1,600 mark at the start of the week, the troy ounce of the precious metal extended its relentless rally and touched its highest level since February 2013 at $1,636.60 on Friday. With the market action turning subdued ahead of the American session, the XAU/USD pair is consolidating its gains near $1,635, where it was up 1% on the day.
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