Gold Likely in a Pullback Phase

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The precious metal did not make any major gains, as the recent rally came to a standstill on Monday.

Prices were able to rise beyond the 1928 region. This led to a modest pullback.

However, the declines will likely stall near the support area of 1911.50. There is a strong chance that support could hold the precious metal from further declines.

This will cement the upside bias as the 1967 handle comes within sight.

In the event that gold loses the 1911.50 level of support, we could see another leg lower in the precious metal.

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