Gold Analysis: Declines on Monday

Gold

The yellow metal's price managed to break the resistance of simple moving hourly averages on Friday. However, on Monday the metal's price ignored the support of these levels and declined down to 1,310.00. 

Making forecasts for the commodity price at the moment is rather complicated. In general, watch the price action near each of the simple moving averages and the pivot point level at 1,308.45.

If the PP gets passed, a decline should occur. On the other hand a step by step passing of the SMAs might result in a surge up to the 1,320.00 level.

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