Yesterday, the XAU/USD exchange rate skyrocketed to the psychological level at the 1,290.00 mark. During today’s morning, the rate breached the falling wedge pattern north.
From the one hand, the price for gold could continue to increase. In this case, important resistance level to look out for is the psychological level at the 1,300.00 mark.
On the other hand, the rate could trade sideways around the psychological level at 1,295.00 in the short term.
It is unlikely, that the price for gold could drop lower than 2,87.27 due to the support of the monthly PP.
