During Wednesday’s trading session, the yellow metal broke most of the technical indicators to appreciate by 1096 pips or 0.90 %. During Thursday morning hours, the gold broke the resistance of the 61.80% Fibo to trade at the 1,226.42 mark.
In regards to the near-term future, most likely, the yellow metal will trade sideways to stay at the 1,228.00 level on Thursday. Besides, the 61.80% Fibonacci retracement level should support the gold during the day.
However, the yellow metal could pass through the support of the 61.80% Fibonacci retracement level to trade at the 1,222.00 level.
