Gold prices have the potential to strengthen on Monday (17/5), trading with a range of support at 1835 per troy ounce and resistance at US$1865-US$1870 per troy ounce.

"Still weak US retail sales data released at the end of last week triggered a strengthening in gold prices because the potential for the US central bank's monetary easing policy will still be maintained," said Commodities Observer Ariston Tjendra in Jakarta.

In addition, the conflict in the Middle East that invited pro-contra international reactions also contributed to the increase in the price of gold.

"Market concerns about the spread of this conflict have prompted the market to seek safe assets in gold," he said.

Ariston added that the increase in global COVI-19 cases and the new lockdown also triggered a strengthening in gold prices due to market concerns about the potential weakening of the global economy.

In addition, a correction in crypt