During Friday’s trading session, the yellow metal was supported by the 55-hour simple moving average to end the day at 1,310.00. On Monday morning, the rate was retraced by the upper boundary of the medium pattern to allocate the rate at the 1,317.28 mark.
In regards to the near-term future, most likely, the rate will break the resistance of the medium pattern line at the 1,318.00 mark to surge towards the monthly pivot point at the 1,321.03 mark.
On the other hand, the upper boundary of the medium pattern line at the 1,318.00 mark might retrace gold to push it to the 1,314.00 level.
