The 23.00% Fibonacci retracement level at the 1,295.57 mark retraced the yellow metal during the morning hours on Monday.
It is expected that the 23.60% Fibonacci retracement level will keep retracing the gold during the trading session on Monday. Most likely, the yellow metal will be trading sideways to stay at the 1,285.00 level for the rest of the day.
However, today’s US ISM Non-Manufacturing PMI data release at 15:00 GMT could push the rate to break the resistance level of the 23.60% Fibo to continue the surge towards the upper boundary of the dominant pattern line at the 1,300.00 mark.
