XAUUSD makes gains, but upside remains weak

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Gold prices rose over 0.8% on Friday but prices stalled near previous highs of 1733.0.

While this is a minor resistance level, the gains could push price action closer to the next main resistance level of 1747.00.

Only a convincing breakout above this level will trigger further rallies in the precious metal.

To the downside, there is scope of a pullback as the 1717 handle remains within sight.

A breakdown off this level might trigger a move lower to the 1696 level that was only briefly tested.

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