The price of gold is trading quite flat, decreasing by nearly 5 USD and hovering around the 2050 USD mark. The market seems to be in a lull after the holiday break for banks.
Further price declines could be seen at the triangle support level of 2,049 USD. Additionally, the support level of 2,027 USD on Friday could provide temporary relief for gold buyers.
On the upside, a strong resistance level is observed at around 2,060 USD, above which a static resistance level at 2,080 USD will come into play. If the upward momentum gains strength, it cannot be ruled out that there may be a retest of the barrier at 2,100 USD.
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