During Friday’s trading session, the yellow metal slumped against the US Dollar passing through the support of the monthly pivot point at 1213.84 level to end the trading session at the 1,210.66 mark. On Monday morning, the gold passed through the support of the 50.00% Fibonacci retracement level to trade at 1207.26.
In regards to the near-term future, the gold will move sideways to trade below the 50.00% Fibonacci retracement level during the day. Most likely, the lack of fundamental news should not break the predictions for the gold on Monday.
On the other hand, the yellow metal could break the resistance of the 50.00Fibo at 1207.49 to surge towards the monthly pivot point at the 1213.84 mark.
