The gold price depreciated 0.21 % since Tuesday’s session. On Wednesday morning, the yellow metal was resisted by the 55-hour simple moving average to trade at the 1,187.32 mark.
In regards to the near-term future, most likely, the yellow metal will keep trading sideways to stay at the 1,185.00 level during the trading session.
On the other side, the 55-hour simple moving average could resist the gold to pass through the bottom boundary of the medium ascending pattern to trade at the 1,184.00 level on Wednesday
