During Tuesday’s trading session, the yellow metal depreciated by 1339 pips or 1.09% to end the trading session at the 1,213.88 mark. During Wednesday morning hours, the gold was trading near the 38.20 % Fibonacci retracement level at the 1,214.48 mark.
In regards to the near-term future, most likely, the 38.20 % Fibonacci retracement level at 1,214.55 should resist the yellow metal to trade downwards to reach the 1,210.00 level during the trading day.
On the other side, the yellow metal could appreciate against the US Dollar during today’s US Prelim GDP and Crude Oil Inventories data releases to trade at 1,218.00.
