Gold Prices Trade Mixed Amid Conflicting Fundamentals

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Gold prices were seen giving back the gains from earlier on Monday.

Price action slipped to lows of 1854.90 before recovering slightly higher.

The volatility in gold comes following the news of the new stimulus bill that was widely anticipated. But this news was offset by the new coronavirus strain.

Price action continues to trade within the 1911 – 1900 level of resistance and the 1850 handle for the moment.

A breakout from either of these levels is required for further gains or declines. The bias also remains mixed at the moment.

Below 1850, gold prices will be retesting the 1817.80 support level.

To the upside, the stiff resistance near 1900 – 1911 will prove to be a challenge to break out from.

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