Wednesday was uneventful for gold which stuck in a narrow range. Risk-aversion amid the spread of coronavirus is backing the yellow metal.
The main scenario is another day in another buyers’ attempt to overcome 1565.
An alternative scenario is an easing to the 1548 level.
If markets break 1560 and stay above it, the risks of attacking at 1565 will rise.
A break below 1554 will suggest a further weakness towards 1548.