During Wednesday’s trading session, the yellow metal depreciated 591 pips or 0.48% to end the trading day at the 1,216.61 mark. On Thursday morning, the gold broke the resistance of the 55-hour simple moving average to trade at 1,223.66 mark.
In regards to the near-term future, most likely, the gold will be retraced by the 100-hour and the 200-hour simple moving averages to push the yellow metal to trade at the1,220.00 level during the trading session
On the other side, the gold could break the resistances of the 100-hour and the 200-hour SMA’s if the US Dollar will depreciate against the yellow metal during the day.
