Following an upside breakout of the short-term triangle, Gold was expected to surge towards the 1,300.00 area. This scenario, however, was not fulfilled as the pair fell back again, made a false breakout from the senior channel and went for another surge on Monday.
Even though the 55- and 100-hour SMAs were breached during the second part of that session, the yellow metal failed to surpass the 1,295.00 mark which has provided strong resistance within the past week.
In general, the base scenario for today favours further advance up to the 1,300,00 mark, as the aforementioned moving averages could provide strong support. Meanwhile, it is unlikely that a fall goes beyond 1,280.00.
