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.
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Amid the current volatility, we expect prices will rise toward the 1700 handle. Alternately, a close below 1586 could see the downside bias opening.