During Wednesday’s trading session, the yellow was resisted by the 200-hour simple moving average to pass through the previously drawn pattern line to end the day at 1,305.00. On Thursday morning, the rate was located at the 1,307.74 mark.
In regards to the near-term future, most likely, gold will depreciate to the 1305.00 mark.
On the other hand, today’s US Final GDP data release at 12:30 GMT might push the US Dollar to appreciate against the yellow metal to break the resistance of the 200-hour simple moving average to end the day at the 1,310.00 level.
