Gold prices were seen trading mixed on Wednesday with prices seen consolidating at the 200-day moving average. The precious metal posted modest gains on the day as price steadily picked up after hitting lows of 1266.25 earlier this week. Friday’s advance GDP report is likely to be the catalyst for setting the momentum in the precious metal.
XAUUSD Looking More Likely for a Retest to 1285
XAUUSD previously eased lower to chalk out fresh lows. However, price has since rebounded with the 200-day moving average offering support. In the short term, price has closed above 1273 handle. Establishing support here could keep gold prices to remain range bound within the 1285 and 1273 corridor. The retest of the 1285 level will be crucial. Further gains can be expected if gold breaks past this level.
