XAU/USD analysis for this week starting 6th January 2020

It looks more likely that the prices will advance towards the major trendline at around 1580-88 , And would correct a bit towards 1560 before continuing the uptrend, Short term traders and intraday traders can add onto their long positions for a final target of 1600 psychological level. The US- Iraq tensions are adding on to the global recessions and further adding confidence to the precious metal. The discussions about the upcoming nuclear deal with UK will add a wobble to the market. Our weekly outlook on Gold is bullish but exercise your own trading discretion before taking an entry.

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