Spot gold prices are trading little changed Monday, with prices currently seen trading at $1665. The precious metal remains near its 2-week high on prospects of more safe haven support, after prices advanced strongly during Friday’s session to trade up to an intra-day high of $1667, as risk assets staged a rally during the U.S. session. This morning’s Asian session has been rather muted, with many parts of Asia closed for a public holiday. Spot gold prices have consolidated for the majority of the session so far after briefly falling to $1663 early on during Asian trading hours. Prices are expected to spend the morning tracking other risk assets ahead of the European cash equity opening, also helped by a weaker USD observed so far in this morning’s FX markets. $1680 remains closely watched on the upside, with traders touting stops around $1692 to $1700 should prices start to advance. Modest support remains around the $1650 region, with the market expected to hold a reasonably tight range amid below average volumes.
EasyForexNews Research Team