By FX Empire.com
Gold prices were little changed on Monday, as mixed feelings dominated markets, where on one hand, traders were optimistic after the G20 vowed to provide support to the European debt crisis and called for the International Monetary Fund to have a bigger responsibility in solving the euro zone debt crisis, while a German official signaled that the EU summit would not provide a final solution to the debt crisis, highlighting that a final resolution is still far from being reached, which sent a wave of pessimism in markets.
The outlook for gold remains generally to the upside, however, we still expect volatility to continue to dominate gold prices, and that could still weigh down on gold prices, but overall, our general outlook for gold prices remains to the upside. Traders will be following growth data from China, in addition to inflationary figures from the U.K. and the United States. Accordingly, we should expect to witness volatility in Tuesday’s trading.
