The gold price appreciated 2.18 % since Thursday’s session. During the previous trading session, the yellow metal passed the most technical indicators including the 50.00% Fibo retracement level to trade at the 1,215.00 level. On Friday morning, the yellow metal returned to the large pattern to trade at the 1,218.32 mark.
In regards to the near-term future, the gold will trade sideways between the monthly R2 at the 1,227.33 mark and the monthly R1 at the 1,209.98 mark due to the resistance of the large descending pattern line. Most likely, the gold will trade at the 1,210.00 level during the trading session.
