During Wednesday’s trading session, the yellow metal surged to the upper boundary of the dominant ascending pattern at 1,238.00 to end the trading day at 1,235.36 mark. On Thursday morning, the gold was retraced by the dominant pattern line to trade at the 1,233.25 mark.
In regards to the near-term future, most likely, the gold will keep surging towards the upper boundary of the dominant ascending pattern line at 1,238.00 mark due to the support of the 55-hour simple moving average.
However, the US Dollar could appreciate during today’s US Core Durable Goods Orders fundamental data at 12:30 GMT, to force the gold to trade at 1,230.00 level.
