During Tuesday’s trading session, the yellow metal was supported by the monthly R1 at 1,241.40 mark to break the resistance of the 38.20% Fibonacci retracement level to trade at the 1,246.36 mark. During Wednesday’s morning hours, the yellow metal was supported by the 100-hour SMA to trade at the 1,244.56 mark.
In regards to the near-term future, most likely, the yellow metal will keep trading sideways to stay at the 1241.00 level due to the resistance levels of the 55-hour simple moving average and the 38.20% Fibo at the 1,245.07 mark.
On the other side, the gold could depreciate against the US Dollar during today’s US CPI data release at 13:30 GMT to push the gold to trade at the 1,248.00 level.
