Gold futures climbed on Monday to tally their largest one-day gain of the month so far, as weakness in the dollar and low government bond yields helped to keep the precious metal trading in a range that some market experts see as forming a bullish pattern.

Jim Wyckoff, senior analyst at Kitco.com, said that gold may be set to “break” higher despite gains in equities that have suggested that risk appetite on Wall Street is improving, a scenario that would usually deflate appetite for haven metals like gold.

“Importantly, recent sideways and choppy price action in gold has produced a bullish coiling pattern on the daily bar chart, suggesting the market is storing up energy for a bigger price move coming soon (possibly this week), and odds favor that price move being on the upside,” Wyckoff wrote.

Equity markets have drawn some optimism from hope of a vaccine for COVID-19,

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