During Thursday’s trading session, the yellow metal broke the resistances of the simple moving averages to end the trading day at the 1,232.46 mark. On Friday morning, the gold was trading sideways at the 1,232.00 mark.
In regards to the near-term future, most likely, the gold will surge upwards to bounce off the upper boundary of the dominant pattern line at the 1,240.00 mark. The simple moving averages should support the surge during the trading session.
On the other side, the gold could trade downwards if the US Dollar will appreciate during today’s US Employment data sets release at 12:30 GMT. The 200-hour SMA should stop the yellow metal from depreciation to keep the rate at 1,230.00 level.
