During Thursday’s trading session, the yellow metal was trading above the resistance of the descending small pattern line at 1,228.00 level to end the trading session at the 1,226.88 mark. On Friday morning, the gold depreciated by 694 pips or 0.57% to trade inside the small descending pattern at the 1,223.37 mark.
In regards to the near-term future, most likely, the gold will trade sideways to stay at the 1,220.00 level during the day. The 100-hour simple moving average will not allow the yellow metal to surge on Friday.
On the other side, the yellow metal could break the resistance of the small descending pattern line at 1,225.00 level to trade at the 1,226.00 level
