Looking up, the $2,708 level needs to be regained before considering further upside. Further up, the next level to look at is $2,721, a sort of double top in November and December. In case Bullion powers through that level, the all-time high of $2,790 is the key upside barrier.

Gold firmed on Monday on a softer dollar as investors awaited Donald Trump's inauguration speech later in the day for insights into his policies that are expected to provide clarity on the inflation outlook and Federal Reserve's future rate decisions.

Gold prices were little changed on Monday as traders awaited the inauguration speech of President-elect Donald Trump later today. “The US Dollar (USD) kicks off the new week on a softer note and erodes a part of Friday’s positive move amid bets that the Federal Reserve (Fed) will cut interest rates twice this year amid signs of abating inflation