The gold price depreciated 0.40% since Friday’s trading session. During Monday morning hours, the yellow was located near the monthly pivot point at the 1,196.00 mark, which is located under the simple moving averages.
In regards to the near future, most likely, the yellow metal should move downwards due to the resistance of the simple moving averages to bounce off the bottom boundary of the ascending trend or pass through it during today’s trading session.
However, the monthly pivot point at the 1,195.00 mark may push the rate to hike upwards, ignoring the simple moving averages resistances.
