Contrary to expectations, the yellow metal was driven by bearish momentum on Friday. Traders were still indecisive during the morning session; however, better-than-expected US employment data added some strength to the overall bearish sentiment thus pushing Gold down to the 1,330.00 mark where it had already found support by Monday morning.
This trading session marks a significant northern resistance which comes from the weekly and monthly PPs and the nearby-located 55-, 100– and 200-hour SMAs near 1,337.00 and 1,345.00, respectively.
Thus, the upside potential for this session could be 1,340.00, while the southern side is guarded by the weekly S1 at 1,323.60. Technical indicators suggest that Gold could spend the day closer to its resistance area.
