The precious metal closed on Monday, down 0.17%. Trading was subdued on the day as price held steady near a year and a half highs. Lack of major economic data and a rather quiet trading session left the precious metal to post intraday lows before pulling back. However, the overall movement remains bullish as the precious metal remains hovering near the highs.
XAUUSD is Likely to Drift Sideways
Price action in XAUUSD suggests no major changes in the near term and could remain trading sideways in the short term. This comes ahead of the Fed meeting on Wednesday. The support level at 1320 remains a key price level of interest. Gold will have to break past the short term pivot lows of 1333.78 in order to confirm further downside to 1320.
