The gold price depreciated 0.65% since Friday’s trading session. On Monday morning, the yellow metal was located at the 1,200.00 mark.
The fundamentals pushed the rate downwards to pass through the SMAs, which were supporting the rate for the previous two sessions. On Monday, the SMAs are playing a role of resistance for gold.
Most likely, the yellow metal will trade downwards due to the resistance of the SMAs to stay in the range between the 1,202.00 and the monthly pivot point at 1,195.00 mark.
On the other hand, the rate might move through the SMAs if there are bullish fundamental news during the day.
