Gold prices pulled back in early trade on Monday. Spot gold dropped below $3,300 per ounce for the first time in a week. Despite this, gold continues to trade sideways and in a relatively tight range.
The first level of support below current levels comes in around $3,250, although $3,200 looks more significant. Resistance comes in around $3,400. The daily MACD has dropped back below neutral levels, and is close to the area last visited at the beginning of the year.
Source: TN Trader
This too is moving sideways, offering little in the way of clues as to the short-term direction.
Silver was also down in early trade, slumping below $37 per ounce, and closing in on $36.
The pullback in both precious metals coincides with this morning’s rally in the US dollar. Despite this, gold and silver are still rangebound, although a significant and protracted break of $36 in silver may signal further weakness.
