The gold price depreciated 1.27% since Thursday’s trading session. On Friday, the yellow metal was located below the monthly pivot point at the 1,1826 mark.
In regards to the near-term future, most likely, the yellow metal will trade downside to the monthly S1 at the 1,1661 level. The bearish outlook cannot be prevented due to the technical indicators absence. The simple moving averages will keep to catch up the rate in next couple of trading session.
However, the situation can be changed if fundamentals will appear shortly
