Contributors Technical Analysis XAU/USD Surges To 1,232.00

XAU/USD Surges To 1,232.00

During Friday’s trading session, the yellow metal depreciated to 1216.88 mark breaking most of the technical indicators. During Monday morning hours, the yellow metal was supported by the 55-hour and the 200-hour simple moving averages to surge to the 1,231.10 mark.

In regards to the near-term future, the yellow metal might continue to surge upwards to trade at 1,234.00 level on Monday. Besides, the 55-hour simple moving average will try to catch up the rate during the day.

However, the gold could depreciate to the 61.80% Fibonacci retracement level at the 1,225.59 mark due to a lack of any support levels near the yellow metal.

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