Gold prices trade slightly higher on Monday morning, after bouncing to their highest in seven weeks during the night session.
This week’s economic Calendar include many important data – nonfarm payrolls, personal income and spending, personal consumption expenditures inflation data, manufacturing and service sector growth, auto sales, factory orders and monthly trade figures.
The central bank policy decisions from Australia and the United Kingdom are also scheduled for this week.
Technical Outlook
Gold prices hold around resistance area at $1269 and above support at $1256. A break of the last high at $1271 is expected today. Gold continues to have a bullish pressure and the next move is towards $1283-1300. Another bullish signal is the moving averages cross as the Long term 100-day moving average crossed above the Short term 50-day moving average as seen in the chart.
The long-term view suggests that the next consolidation area will be at $1300. A break above could lead towards $1350.