The gold price appreciated 0.20% since Friday’s session. During the previous trading session, the yellow metal was supported by the 55-hour and the 100-hour SMAs to stop the trade at the 1,227.03. On Monday morning, the gold still supported by the 55-hour SMA and the 100-hour SMA to trade at 1,226.88 mark.
In regards to the near-term future, most likely, the gold will break the resistance of the monthly R2 at 1,227.33 mark to surge to the large pattern line due to break-out of the 55-hour and the 100-hour SMAs.
However, the rate might get resisted by the monthly R2 to pass the rate through the SMAs to trade near the bottom boundary of the trade pattern line at 1,224.00
