During Wednesday’s trading session, the yellow metal almost met the monthly R1 at the 1,241.40 level to end the trading session at the 1,237.49 mark. During Thursday’s morning hours, the yellow metal passed through the support of the 55-hour simple moving average to trade at the 1,237.00 level.
In regards to the near-term future, the yellow metal will be retraced by the 55-hour simple moving average on Thursday. Moreover, it is expected that the gold could trade sideways to stay at 1,230.00 level during the trading session.
On the other side, during today’s US fundamentals, the gold could appreciate against the US Dollar to break the resistance of the monthly R1 at 1,241.40 mark.
