The gold price appreciated 0.43% since Wednesday’s trading session. The XAU/USD broke out through the monthly PP at the 1,196.00 mark and kept squeezed between the 55-hour and the 100-hour simple moving averages during Thursday’s morning hours.
In regards to the near future, the yellow metal will move upwards due to a strong support level of the monthly pivot point at the 1,196.00 and the 55-hour simple moving average.
Note, that the 200-hour simple moving average at the 1,202.00 level might stop the rate and push gold back to trade into the pattern.
