The gold price appreciated 0.33% since Monday’s trading session. On Tuesday morning, the yellow metal was located at 1200.00 mark.
In regards to the near-term future, most likely, the rate will move downwards to the monthly pivot point at the 1,195.60 mark due to the resistance of the simple moving averages. The rate will trade at the 1,196.00 level during Tuesday’s trading session.
On the other hand, the rate might break the resistance of the simple moving averages and the lower boundary of the medium ascending line to trade in the previously drawn pattern at the 1,204.00 level.