The gold price appreciated 0.87% since Friday’s session. During the previous trading session, the yellow metal broke the large pattern to stop the trade at the 1,218.76 mark. During Monday morning hours, the gold broke the monthly R2 at the 1,227.33 mark to trade at the 1,230.99 mark.
In regards to the near-term future, the gold will trade upwards to the upper boundary of the ascending medium pattern which is located at the 1,235.50 mark. Most likely the yellow metal will trade at the 1,230.00 level during the day.
However, today’s US fundament data sets could help the yellow metal to break the resistance of the pattern line to trade at the 1,240.00 level.
