The precious metal surged over 1% on Monday. The gains came during the early NY trading session after reports about China raising tariffs on US goods made news. Gold touched intraday highs of 1300 before retreating slightly. The precious metal has been trading choppy, tracking the global cues.
Will Gold Maintain the Upside Bias?
After the breakout from the 1285 resistance level, gold prices quickly advanced to test the 1300 price point. However, the daily chart continues to point to the divergence which could see price stabilizing in the near term. A retest of the 1285 level could see this price level turning to support. If gold holds this level, we expect to see a gradual shift to the upside.
