Gold markets went back and forth during the trading session on Monday as we continue to dance around the $1700 level.
We continue to look at the $1700 level is an area that is a bit of a magnet for price. With that in mind, you should also notice that there is an uptrend line that sits just below forming part of the symmetrical triangle that the market currently sits in.
Fears of a second wave of coronavirus infections should support gold prices
Limited activities in spot markets could cap major upsides in near term as SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell marginally to 1,081.07 tonnes on Monday.
Fresh spike in coronavirus cases in places that have eased lockdown-related restrictions such as China's Wuhan, South Korea and Germany have stoked fears of a second wave of infections. Wuhan, the epicentre of the outbreak in China, has reported its first cluster of virus infections since a lockdown on the city was lifted a month ago.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell marginally to 1,081.07 tonnes on Monday.
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