During Monday’s trading session, the yellow metal was supported by the 200-hour SMA to end the trading day at the 1,230.28 mark. On Tuesday morning, the gold was located between the 55-hour and the 200-hour SMAs at the 1,232.31 mark.
In regards to the near-term future, most likely, the gold will break the resistance of the 55-hour simple moving average to surge towards the 1,235.00 level during the trading session. The 200-hour simple moving average should support the surge!
However, the yellow metal could pass through the simple moving averages to trade at the 1,220.00 level if the US Dollar will appreciate against the gold during today’s United States Congressional Elections.
