Gold supported above $1315, consolidates near 3-month lows

  • Yellow metal steady, hovering near $1320. 
  • Gold uptrend intact. 

The yellow metal continues to move sideways on Monday, near the 3-month high it reached last Thursday at $1,326/oz. Price has been consolidating between around $1,318 during the American session. 

Price bottomed earlier today at $1,314.50 and then rebounded but if failed to rally on top of $1,320. The bullish tone remains intact. 

A stronger US dollar limited gold on Monday. The greenback continued to recover ground after bottoming last Friday after the NFP report. The US Dollar Index was rising for the second day in-a-row, holding at 1-week highs above 92.20. 

No key economic reports were released today. The next relevant report will be on Thursday (CPI). Regarding monetary policy, several Fed speakers are scheduled for the current week. 

Technical levels to watch

To the upside, immediate resistance is seen at $1321, followed by $1326 (last week high) and $1330. On the downside, support might lie at $1314 (daily low), $1305 (Jan 4 low) and $1295 (Dec 28 high). 
 

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