Gold prices were trading mixed on Monday but price quickly recovered towards the close of business. The gains come as the global risk sentiment remains mixed. Themes such as the Fed’s forward guidance and the outcome of the Brexit talks have kept risk appetite in check. This led to gold making modest gains, tracking higher yields in the U.S. bond markets.
Can XAUUSD Maintain the Momentum?
At the time of writing, XAUUSD is breaking past the 1306 level while forming a minor ascending triangle pattern. This comes as the precious metal advanced 0.13% on the day on Monday. The upside breakout, if successful, could send gold prices higher as they test the upper resistance level of 1320 – 1321 level. This would potentially mark a retest of the level which previously served as support.