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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.

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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