The yellow metal has depreciated 1.27% against the US Dollar since mid-Wednesday. The pair tested the bottom boundary of the trend line at 1,186.53 early on Thursday, which created a new down-trend.
During Thursday morning hours, Gold was at 1,190.03, testing the 200-hour SMA as additional support level to recover itself. However, the yellow metal passed the 200– hour simple moving average at 7:00 GMT on Thursday, which shows strong bearish signals for traders.
Insignificant data releases are scheduled for today’s trading session which may keep the yellow metal between the 55-hour and 200-hour SMAs.
