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Bullion moved higher on Monday, boosted by a sliding US dollar and rising oil prices, after closing the previous year with around a 10% fall.
- Futures for gold added 1.09% to trade at $1,071.80 per troy ounce over the morning session in Europe.
- The US dollar index declined 0.53% to trade at 98.158 on Monday, making dollar-priced assets such as gold more attractive for traders holding other currencies.
- Strong resistance is seen at $1074 levels, above that $1081.
- Support is seen at $1071, $1068 levels.
- We prefer to stay short on XAUUSD at $1073.84, Stop loss at $1082 and target at $1064 levels.
