During Friday, the XAU/USD exchange rate surpassed important psychological level at the 1,300.00 mark. During Monday’s morning, the rate reached the upper boundary of the short-term ascending channel at 1,316.34.
From a theoretical point of view, it is expected, that a reversal south could occur in the nearest future. In this case, the rate has to surpass the Fibonacci 23.60% retracement at 1,309.31.
If the given support level holds, it is likely, that gold could trade sideways between it and the upper channel line.
It is unlikely, that the price for gold could jump higher than 1,319.79 due to the resistance of the monthly R1.
