During Friday’s trading session, the yellow metal passed through the support level of the 55-hour simple moving average to the 1,314.00 mark. On Monday morning, the gold was depreciating against the US Dollar to pass through the support of the 100-hour simple moving average to 1,310.75.
Most likely, the yellow metal will bounce off the monthly pivot point at 1,308.46 to stay at the 1,312.00 level during the trading session.
However, the gold could pass through the support level of the monthly pivot point at 1,308.46 to trade near the 200-hour simple moving average at the 1,30.50 mark.
