During Friday’s trading session, the yellow metal depreciated to 1216.88 mark breaking most of the technical indicators. During Monday morning hours, the yellow metal was supported by the 55-hour and the 200-hour simple moving averages to surge to the 1,231.10 mark.
In regards to the near-term future, the yellow metal might continue to surge upwards to trade at 1,234.00 level on Monday. Besides, the 55-hour simple moving average will try to catch up the rate during the day.
However, the gold could depreciate to the 61.80% Fibonacci retracement level at the 1,225.59 mark due to a lack of any support levels near the yellow metal.
