Spot gold had a relatively quiet session on Monday with the metal in consolidation mode after the heavy falls of last week. Volumes dropped back sharply with price movements subdued, despite an early fall in Asia following the death of North Korea’s leader Kim Jong Il.
Gold opened the week at $1599 in Asia and slipped ahead of Europe to $1583.50 before a bounce to $1608.85 in early NY trade as Crude prices and equity markets picked up, before closing the day around $1594.50. This morning has seen little change in another quiet Asian session, trading through $1592.70-1601.50 ahead of the European open. Today’s support is at $1583.50 and $1570.50 with resistance at $1608.85 and $1641.85.
EasyForexNews Research Team