Spot Gold Holds at 603

Spot gold holds at $603.00/oz after trading in a $599.50 to $603.70 range. The precious metal has been closely tracking oil prices in recent sessions, with Monday no exception. If oil starts to head back to last week's sub $60 lows, gold is also likely to trend lower.
Conversely, if oil can get back over $64/$65, gold is also expected to rally. A move over $606.50 (last week's high) and then over the 9/11 high near $610.50 would be needed for upward momentum to build