Gold prices were muted on Monday, despite price initially attempting to test intraday highs. With the US and UK markets closed and economic data from the EU staying sparse, the precious metal was seen giving up the gains by the day’s close. Gold prices advanced a meager 0.02% on the day.
XAUUSD Retreats as a Reversal Pattern Emerges
The precious metal was seen reversing gains but a lot is left to be seen how price action unfolds during the day. A bearish close following Monday’s Doji candlestick pattern could suggest some near term downside in price. The lower support at 1270 will once again become critical for gold. The evolving head and shoulders pattern remains in play still and could be validated on a break down below 1270 support.
