The new week has started with gold still trading around $1,615-$1,620, more or less the same value as on Friday despite a volatile start which saw the price jump above $1,635 in very early trading. The fact that the price was unable to hold above $1,630 confirms that investors are in a “wait and see” mode with the sideways movement of the last 5 days between $1,595 and $1,640 continues. For now, the huge amount of liquidity that the Fed is going to send into the markets has been unable to generate further gold rallies, but the scenario could quickly change.
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