‘Gold prices held steady on Monday, with investors looking ahead to a clutch of speeches from U.S. Federal Reserve officials later in the week for clues on the timing of possible interest rate hikes.’ – Arpan Varghese, Reuters
Pair’s Outlook
The yellow metal remained almost unchanged during the early hours of Monday’s trading session, as the bullion’s price stayed near the 1,235 mark. However, gold attempted to move higher on Friday, as the commodity price had reached above the 1,240 level. The future direction of the bullion on Monday seemed unclear, but there are two possible way’s the session might most likely end. The yellow metal could fall to the newly calculated weekly PP at 1,231.36 or surge up to the monthly R1, which is located at 1,237.68.
Traders’ Sentiment
Traders remain long on the bullion, as 54% of trader open positions are bullish. In the meantime, 61% of trader set up orders are set to buy the metal.
