The gold price depreciated 0.41% since Friday’s trading session. The XAU/USD was piercing the monthly PP at the 1.195.60 mark during Monday morning hours.
In regards to the near future, the yellow metal will surge upwards to the bottom boundary of the ascending medium channel, but will bounce off it due to a strong resistance of the 100-hour simple moving average and the medium channel line.
Be careful, the monthly PP at the 1.195.60 mark could also turn into a strong support level, which may push the yellow metal upwards to pass the medium channel line and the simple moving averages.
