XAUUSD Consolidates, Correction Likely

Gold prices marked a modest recovery, rising 1.71% into Friday’s session close.

With the lower levels seeing higher demand, XAUUSD is firmly trading above the 1462 and 1483 levels.

The upside correction in the near term could see XAUUSD rising back to test the 1534 region, with further breakout likely to send gold towards the 1570 region.

For the moment, the downside looks to be solid in holding the commodity from further declines.