The gold price appreciated 0.62% since Monday’s trading session. During Tuesday morning hours, the yellow was squeezed between the simple moving averages at the 1,199.00 level.
In regards to the near future, the rate will face a breakout, most likely, to move upwards due to support of the 200-hour and the 55-hour simple moving averages and the additional support of the monthly pivot point at the 1,195.60 mark.
However, the SMAs could become resistance for gold, which could try to push the rate downwards to the monthly PP at the 1,195.60 mark.
