During Wednesday’s trading session, the yellow metal was trading near the 38.20% Fibonacci retracement level to end the trading session at the 1,245.17 mark. During Thursday’s morning hours, the yellow metal was supported by the 55-hour and the 100-hour SMAs to trade at the 1,246.16 mark.
In regards to the near-term future, most likely, the gold will surge upwards due to the support of the 55-hour and the 100-hour simple moving averages which could support the rate to trade at the 1,250.00 level during the trading session.
On the other side, the gold could continue to trade sideways to stay near the 38.20% Fibonacci retracement level to trade at the 1,246.00 level.
