Gold steady, hovering around $1200

• Gold moved sideways on a quiet Monday amid US holiday. 
• Price moving around $1200, not strong enough to rally above, but limited below. 

Gold bottomed during the Asian session at $1,195/oz, the lowest in a week but the quickly rose back above. It reached $1,203 before settling around $1,200. 

The yellow metal is consolidating, offering no clear signals about the short-term future. A consolidation below $1,200 would signal more losses ahead while above $1,210 the resumption of the up move seems likely. 

On a wider perspective, gold remains depressed amid US interest rate outlook and is not seen as a safe haven asset, to protect from trade wars, Brexit concerns and emerging-market jitters. On Monday, price action remained limited across financial markets due to the US holiday. 

Technical outlook 

“Daily chart shows that the metal held a handful of cents above a bearish 20 DMA and well below the larger ones, while technical indicators lost directional strength, the Momentum well into positive territory but the RSI currently at 47”, says Valeria Bednarik, Chief Analyst at FXStreet. 

Ahead of the Asian session, according to her, the 4 hours chart, shows the metal in a mid-way between bearish 100 and 200 SMA and technical indicators heading modestly lower in neutral levels.