During previous trading session, the price for gold jumped to the 1,515.00 level. During Monday morning, the XAU/USD rate was trading at the given level.
From a theoretical point of view, it is unlikely, that the exchange rate could maintain its advance due to resistance of the upper boundary of the short-term ascending channel at 1,522.00. It is expected, that a reversal south could occur soon.
However, if the given channel does not hold, yellow metal could continue to extend gains against the US Dollar. Important level to look out for is the psychological level at 1,525.00.
