Gold broke the resistance of the 1,525.00 level on Thursday. It resulted in a sharp surge, which reached the target of the 1,544.31, which was expected to be reached only next week. Moreover, by the middle of Friday’s trading, the 1,550.00 level was touched.
The metal’s price has two possible scenarios. The first one is a possible consolidation by trading sideways. That is expected due to the metal surging too sharply and being overbought now.
On the other hand, the momentum of the surge could continue. In that case the price would test the resistance of the 1,550.00 and the historical high level of 1,554.93.
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