On Friday, the XAU/USD exchange rate tried to reach the upper boundary of the falling wedge pattern located circa 1,290.00.
During Monday’s morning, the rate was squeezed by the 55-, 100– and 200-hour SMAs, located at 1,284.50 and 1,281.23 respectively, thus, it is likely, that gold could trade sideways between the given moving averages.
Otherwise, it is expected, that bulls would prevail in the market, and the price for gold could rise to the resistance level formed by monthly PP at the 1,287.27 mark.
