The precious metal was seen posting some modest gains on Monday. Price was clearly looking to the upside amid cautious trading. Economic data was sparse leading to investor concerns staying in the forefront. The US monthly inflation report is due today. This could potentially be a market-moving event.
Can XAU/USD Remain Above 1495?
Gold has clearly formed support at the 1495 handle. While the precious metal is testing the previous highs, failure to breakout higher could signal a correction. This will depend on whether the support will give way. A breakdown below 1495 could trigger a further correction in gold. Watch the lower support in the 1447–1448 region which could be the downside target in the near term.
