The risk aversion from last week sent gold prices higher on Monday. The precious metal gained 0.63% on the day pushing to highs of $1324.44. The gains came amid the investor concerns of an economic slowdown and the ongoing Brexit narratives. The British parliament will vote on various measures of the Brexit deal on Wednesday.
Will Gold Maintain the Bullish Momentum?
Price action suggests that gold prices could post a correction near the current highs. The rally to 1320.81 level marks a retest of the previously held support level. Thus, establishing resistance here could see some downside in the near term. Watch for the initial support at 1306.00 in the short term.
