During Wednesday’s trading session, the yellow metal depreciated against the US Dollar to pass through the simple moving averages to end the trading day at the 1,225.17 mark. On Thursday morning, the gold was located below the 200-hour simple moving average to trade at the 1,224.15 mark.
In regards to the near-term future, the gold will try to trade upwards but most likely, it will be resisted by the SMAs due to a lack of any support levels. Possibly, the rate will be trading at the 1,220.00 level during the trading session.
On the other side, today’s US Federal Funds Rate release at 19:00 GMT could depreciate the US Dollar against the gold to push the yellow metal to surge!
