Gold prices slipped while the Dollar was unchanged on Monday as traders awaited the US mid-term elections and the Federal Reserve’s November meeting due later this week. The Fed will begin its two-day meeting on Wednesday, with markets anticipating no change to interest rates ahead of a widely expected rate hike in December. Gold's retreat and consolidation came after the Dollar pushed higher following the release of a stronger-than-expected US jobs report for October during Friday's session.
Gold prices entered into a consolidation phase after reaching the $1237 level last week and then retreated towards the $1231 level. The price is currently hovering around the 1232 level with a relatively strong momentum which may send the price back above the $1237 level before entering into an overbought state. The next level we will be focusing on is the $1237.8 level.
Support: 1230.74 / 1228.26
Resistance: 1237.79 / 1244.78