XAUUSD surges over 4%

Gold prices are rising over 4% as price action broke past various resistance levels.

The gains came following the major resistance level 1534 was breached quite easily.

At the time of writing, gold prices are trading above the 1600 level.

Amid the current volatility, we expect prices will rise toward the 1700 handle. Alternately, a close below 1586 could see the downside bias opening.