During previous trading session, the XAU/USD exchange rate continued to trade within the rising wedge pattern. During Monday morning, the rate was trading near the lower pattern line.

From a theoretical point of view, it is likely that a breakout south could occur in the nearest future, and the price for gold could target the psychological level at 1,950.00.

Meanwhile, note that yellow metal could gain support from the 55– and 100-hour moving averages near 1,960.00 and trade within the predetermined pattern in the short run

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