Gold closed previous week around $1300 level after testing highs of June 2018 near $1305. However, the price action remains subdued on Monday as gold is slightly losing amid rebound in Greenback.
US Dollar index is moving sideways on the day below 96.00 mark which shows that the market is going through indecision.
If US stocks remain negative on the day, it will trigger risk-off sentiment that will consequently benefit the Gold.
Technical Levels to Consider
Initial support is pegged at $1295 ahead of $1288 and then $1280. On the flip side, initial resistance is at $1305 followed by $1315 and then $1321.
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