There has been little to go on but investors are looking ahead to an impending rate hike from the Fed this month and US inflation data at the end of the week. Furthermore, trade tensions are simmering away on the back burner, leaving the outlook for gold somewhat vulnerable on the prospect for a stronger greenback.
As expected, the price has found support from the $1193 level and rallied to reach the $1198.3 before coming back to its support. The price is currently on the surge again breaking the trend line represented on the chart to the upside and seems to be heading to the upper band to retest the $1200 level.
Support: 1198.6 1197.75
Resistance: 1207.8 1214.15