During Monday’s trading session, the yellow metal passed through the bottom boundary of the descending small pattern line to end the trading session at the 1,201.74 mark. On Tuesday morning, the gold passed through the support of the 50.00% Fibonacci retracement level to trade at the 1207.26 mark.
In regards to the near-term future, the gold will trade downside due to resistances of the 55-hour SMA and the 50.00% Fibonacci retracement level. Most likely, the yellow metal will be located at the 1,195.00 level during the trading session.
On the other hand, the ascending small pattern line at 1,200.00 could support the yellow metal to push it to trade at the 1,205.00 level on Tuesday.
