During Tuesday’s trading session, the yellow metal surged to the 1,240.00 level, breaking resistances of the most technical indicators to stop the trade at 1,231.04 mark. On Wednesday morning, the gold was trading at the 1,232.16 mark.
In regards to the near-term future, most likely, the gold will surge towards the upper boundary of the dominant ascending pattern line at 1,238.00 mark due to the support of the simple moving averages on Wednesday.
However, the yellow metal could break the support of the simple moving averages if the US Dollar will surge during the trading session.
