The gold price depreciated 0.34% since Tuesday’s session. During the previous trading session, the yellow metal passed through the 55-hour SMA to stop the trade at the 1,226.72 mark. During Wednesday’s morning hours, the gold was trading between the 55-hour and the 100-hour SMAs at 1,222.53 mark.
In regards to the near-term future, most likely, the gold will trade sideways among the large pattern line and the monthly PP at 1,227.33 mark.
Besides, the 100-hour simple moving average will try to support the rate during the trading session. Most likely, the gold will be traded at the 1,220.00 level on Wednesday.
