XAU/USD did not introduce massive changes to its positioning during the previous session, as its movement was stranded by the 55-, 100– and 200-hour SMAs.
By Monday morning, the pair had already surpassed all this levels and was seemingly set for a surge. The nearest resistance is the monthly R1 and the senior channel at 1,354.00 and 1,360.00, respectively. In case the pair is driven by strong upside momentum, the yellow metal should not edge above the 2017/2018 high of 1,366.17.
By and large, Gold has diminished its trading range in a seven-week ascending channel. This might be an early indication of a breakout south. This bearish movement also corresponds with the senior channel. In terms of today, Gold should not fall below the 1,330.00 mark.
