During Wednesday’s trading session, the yellow metal broke the resistances of the 55-hour and the 100-hour SMAs to end the trading session at the 1,209.52 mark. On Thursday morning, the gold was trading at the 1,211.18 mark between the monthly pivot point and the 50.00% Fibonacci retracement level.
In regards to the near-term future, the gold will trade sideways to stay at the 1,210.00 level. Besides, the 200-hour simple moving average should resist the yellow metal during the trading session on Thursday.
However, the yellow metal could depreciate against the US Dollar during today’s US Retail Sales data release at 13:30 GMT to push the gold the trade at 1,220.00 level.
