During Friday’s trading session, the yellow metal was testing the 55-hour and the 100-hour simple moving averages to end the day at 1,292.00. On Monday morning, gold broke the resistance level of the 200-hour SMA to be located at the 1,296.93 mark.
It is expected that the yellow metal will trade sideways between the 200-hour simple moving average and the monthly pivot point to stay at the 1,295.00 level.
On the other hand, gold might bounce off the monthly pivot point at the 1,299.43 to depreciate to the 1,290.00 level.
