The precious metal posted modest gains on Monday. But price action remains somewhat biased to the upside. The retest of the 1285 level will be crucial as it could potentially give way for further upside gains in price. Gold prices caught a bid amid renewed risk-off sentiment in the market. Fed members, Quarles will be speaking at an event later today.
Can Gold Breakout Higher?
The retest to the 1285 handle will be crucial as it could lead to a possible breakout above this level. This will shift the bias to the upside with the 1290 region being the next level of resistance. A daily close above yesterday’s high of 1285.74 could potentially confirm this view. Alternately, failure to close with gains today could push gold prices to maintain the sideways range within 1285 and 1273 levels.
