During the previous trading session, the price for gold declined to the support level formed by the 100-hour SMA at 1,421.87.

During Monday’s morning, the XAU/USD exchange rate was trying to surpass the resistance formed by the 55-hour SMA at 1,430.36.

If the given moving averages hold, it is expected, that the rate could trade sideways in the nearest future.

- advertisement -

Otherwise, it is likely, that gold could surpass the given resistance and appreciated against the US Dollar. It is unlikely, that the rate could exceed 1,450.00 due to resistance of the upper line of the long-term ascending trend.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.