Gold price continues to increase in the new week

At the start of the new week, the price of gold remained stagnant and did not show much movement. It hovered around the $1,950 mark in the Asian session.

This type of price action is considered a bullish consolidation phase which suggests that one should be wary before making any significant changes from the one-month highs achieved on Friday.

If the upward momentum continues, it is possible that gold prices could reach the 1980 level by the end of the week.