During Friday’s trading session, the yellow metal broke the resistance of the monthly R3 at 1,241.87 to end the trading day at 1,231.99 mark. On Monday morning, the gold was trading between the 100-hour and the 200-hour simple moving averages at the 1,228.92 mark.
In regards to the near-term future, most likely, the gold will trade upwards to break the 100-hour and 55-hour SMAs resistances. The 200-hour simple moving average will support the surge during the day.
However, the yellow metal could pass through the support of the 200-hour SMA to pass through the monthly R2 at 1,227.33 on Monday.
