The gold price appreciated 0.19 % since Friday’s trading session. On Monday, the yellow metal was located below the monthly pivot point at the 1,185.75mark.
In regards to the near-term future, most likely, the yellow metal will move downwards to the bottom boundary of the pattern due to the resistance of the 55-hour simple moving average. It seems that the rate will bounce off the pattern line to trade at the 1,182.00 level on Monday.
In addition, if the gold will pass the pattern line, most likely, the yellow metal will be stopped from the decrease by the monthly S1 at the 1,178.08 level.