The gold price appreciated 0.59% to the 1,203.00 mark on Monday. The monthly pivot point at 1,196.00 supported the yellow metal and pushed the price upwards during the morning hours.
It is expected that the yellow metal most likely will bounce off the upper line of the junior descending channel or the 100-hour simple moving average will push the rate downwards.
On the other hand, the yellow metal might move sideways until it breaks the junior descending line and creates a new pattern.
