Sun, Dec 04, 2022 @ 08:18 GMT
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XAU/USD Analysis: Bounces Off Monthly PP

As it was expected, the monthly PP at the 1,258.37 mark put up resistance to the commodity price. As a result of the bounce off from the level of significance the yellow metal traded near the 1,255 mark on Tuesday morning. Due to the fact that the monthly pivot point has proven itself as a strong enough level of significance to stop the surge of the metal, additional support will be needed for the bullion. The support needed to surge above the monthly PP is mot likely going to be provided by the 55-hour SMA combined with the lower trend line of the ascending channel pattern. As the two mentioned levels of support surge, they will push the metal’s price higher. However, that is not likely going to occur during Tuesday’s trading session.

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