During Monday’s trading session, the yellow metal was supported by the 55-hour simple moving average to end the trading session at the 1,243.85 mark. During Tuesday’s morning hours, the yellow metal broke the resistance of the 38.20% Fibonacci retracement level to trade at the 1,246.67 mark.
In regards to the near-term future, most likely, the yellow metal will trade sideways above the 38.20% Fibonacci retracement level at 1,245.07 mark. In addition, the 55-hour simple moving average will support the gold during the trading session.
On the other side, the gold could depreciate against the US Dollar during today’s US PPI data release at 13:30 GMT to push the rate to trade near the monthly R1
