Analysis of today's market

Gold prices hovered near a one-month low hit on Thursday last week and gained upward momentum for the third consecutive day as the new week began. During the European trading session, gold maintained its positive momentum, supported by some safe-haven flows driven by geopolitical risks and fears of trade wars.

Meanwhile, hawkish signals from the Federal Reserve continue to support the rise in US Treasury yields and helped the dollar attract some dip-buying on Monday. This limited the price of non-yielding gold, prompting traders to now look towards the Conference Board's Consumer Confidence Index after the holiday for new momentum.

Gold opened at 2612 and, as of press time, had risen to a high of 2616 and fallen to a low near 2612. Keep an eye on the resistance levels at 2640-2650-2660. If these levels are not breached, a test of 2600-2590-2580 will be in sight.