During Wednesday’s morning hours, the previously drawn pattern was broken. Due to the fact, the chart was fully reviewed!
In regards to the near-term future, most likely, the gold will be trading sideways to stay at the 1,315.00 level during the day. Besides, the 55-hour simple moving average will try to catch up the rate to give additional support at next trading sessions.
On the other hand, the yellow metal could depreciate against the US Dollar to the 1,305.00 level during today’s US FOMC Meeting Minutes and Federal Funds Rate release at 19:00 GMT. Watch out for the news!
