XAU/USD Analysis: Passes monthly PP at 1,195.43
The gold price depreciated 0.33 % since Friday’s session. On Friday, the yellow metal passed the monthly pivot point to trade at the 1,194.31 mark.
In regards to the near-term future, most likely, the rate will move downwards due to the resistance of the monthly pivot point at the 1,195.43 and the resistance of the 200-hour simple moving average. It is expected that the rate will trade at the 1,192.00 level during the day.
On the other side, the rate might surge upwards to break the resistance of the monthly pivot point to take its support to surge upwards to trade at the 1,198.00 level on Monday.