During Friday’s trading session, the yellow metal traded sideways to end the day at 1,290.00. On Monday morning, the rate was located below the 23.60% Fibonacci retracement level at the 1,290.73 mark.
In regards to the near-term future, most likely, the yellow metal will keep trading sideways to stay between the weekly pivot point at the 1,299.44 mark and the 23.60% Fibonacci retracement level at the 1,291.57 mark.
However, today’s US Retail Sales release at 12:30 GMT might appreciate the US Dollar against gold to push the rate to the 1,285.00 level.
