During Friday’s trading session, the yellow metal passed through the support levels of the 55-hour and the 100-hour simple moving averages to end the trading session at 1,298.00. On Monday morning, gold was located at the upper boundary of the medium pattern line at the 1,305.17 mark.
In regards to the near-term future, most likely, the yellow metal will break the medium pattern line to surge to the 1,310.00 level.
On the other hand, the medium, pattern line could retrace the yellow metal to end the trading session at the 1,302.00 level.
