MarketDeal24.Com – GOLD rose 1% against the US dollar on Monday and closed at a session high.
Technically this price increase was nothing short of surprising, as the weekly price has recently connected with support 1,882. In addition, the channel resistance (currently support) from the maximum of $1,703 is helping to increase the price. If prices continue to rise this way, many investors will target an all-time high of $2,075.
A daily pattern between $2,015 and $1,862 has been created in the daily time frame, indicating that the price is rising. We need to keep an eye on the support levels mentioned above this week. The trend of XAU/USD pair has been on the upside since 2016.
The four-hour price rose to lower boundary of resistance $1,897- $1,892 on Monday. Price will target Quasimodo support $1,869 if it responds below this level, while traders will look at Quasimodo resistance $1,908 if the price rises.