XAU/USD introduced no changes to its overall price level on Monday. The pair was trading in a narrow range around the 1.280.00 mark, as it failed to accelerate following the 1.77% plunge on Friday. A fall below 1,275.00 – its 2018 low – was restricted by the monthly S1.
It is expected that Gold picks up bullish momentum, similarly to technical indicators that have already started to move higher. It faces a strong resistance cluster formed by the 55-hour SMA, the 61.80% Fibo retracement and the breached senior channel at 1,290.00.
Some further advance should still follow, thus setting the 1,300.00 territory as today’s high. This level is strengthened by the 55-, 100– and 200-period (4H) SMAs
