During Monday’s trading session, the yellow metal kept surging towards the monthly R1 at 1,241.40 to end the trading session at the 1,230.70 mark. On Tuesday morning, the yellow metal was trading at the 1,237.47 mark.
In regards to the near-term future, most likely, the yellow metal will be retraced by the monthly R1 at 1,241.40 to push the gold to trade sideways during the trading session on Tuesday.
However, the gold could depreciate towards the 61.80% Fibonacci retracement level at the 1,225.59 due to a lack of any support level near the currency exchange pair.
