Gold prices fell in line with dollar's broad strength on improved market sentiment, spot traded as lows as $1,202.04 an ounce during the European session, and spent the rest of the day in consolidation mode amid limited markets' volatility due to an US holiday. The commodity fell for a second day in-a-row, as equities gained coupled with some profit taking after posting the biggest weekly gain in over seven years. Gold technical view “The commodity may continue correcting lower this Tuesday according to technical readings, as in the daily chart, the technical indicators have turned sharply lower from extreme overbought levels and maintain their bearish slopes, although is early to talk about a reversal in price's action”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the price is below its 20 SMA for the first time this month, while the technical indicators have only partially lost their bearish strength, but remain well below their mid-lines”. Support levels: 1,202.05 1,191.00 1,182.60. Resistance levels: 1,214.60 1,223.90 1,233.20. For more information, read our latest forex news.