XAU/USD Analysis: Passes Monthly PP

XAU/USD Analysis: Passes Monthly PP

The gold price appreciated 0.73 % since Wednesday’s session. On Thursday morning, the yellow metal passed the monthly PP to trade at 1,197.52 mark.

In regards to the near-term future, most likely, the yellow metal will surge upwards to the 1,200.00 level due to the support of the monthly PP at the 1,195.43 mark and the 200-hour and 100-hour simple moving averages.

In addition, none of the technical indicators may prevent the rate from the surge. However, today’s US fundamental data sets could negatively affect the gold surge movement to push the rate to go back to trade at the 1,190.00 level.

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