During the previous trading session, the XAU/USD exchange rate increased to the resistance formed by the monthly PP at the 1,287.27 mark. During Monday’s morning, the rate was testing it.
If the given resistance level holds, it is expected, that the price for gold could reverse south. However, note, that the rate could be supported by the 55– and 200-hour SMAs, currently located circa 1,283.00.
If the given resistance does not hold, it is likely, that the price for gold could maintain its rise for the short term. A possible upside target the psychological level at 1,290.00.
