The gold price depreciated 0.58% since Tuesday’s trading session. The XAU/USD tried to break the monthly pivot point at 1,196.00 during Wednesday morning hours.
In regards to the near future, the yellow metal will trade horizontally among the monthly PP at the 1,196.00 mark and the lower trend lines of the descending and ascending patterns during next two trading days.
Eventually, the price should get squeezed between the lower trend line of the larger pattern and the pivot point and break out. Watch for that moment.
