Gold trading in tight range amid Geopolitical Tensions in ME & South Korea.

Gold price (XAU/USD) trades with mild gains around $2,645-46 during the early Asian session on Monday. The renewed geopolitical tensions in the Middle East and Federal Reserve (Fed) rate cut expectations support the yellow metal. The US Consumer Price Index (CPI) for November will be in the spotlight on Wednesday. 

The People's Bank of China (PBOC), China's central bank, resumed buying gold for its reserves in November after a six-month pause. This, in turn, might boost the precious metal price, as China is a major gold-consuming country. China’s gold holdings climbed to 72.96 million fine troy ounces at the end of November, up from 72.80 million troy ounces a month earlier.

Gold Structure: Heavy Volatility in Asian Session amid Political Turmoil in Syria, Doji on Daily, Close above 20DSMA, Sideways Consolidation on 4hr.

Intraday Strategy/ Intraday Trend: Buy on Supports, Sell on Resistance.

Weekly Trend: Neutral to Bearish

Major Support: 2634,2630, 2623

Major Resistance: 2642,2651,2658