During Wednesday’s morning hours, the yellow metal kept trading upwards to stay near the resistance level of the ascending small pattern line at 1,252.00 level.
It is expected that the rate will continue trading upwards to reach the 1,254.00 level during the trading day. Note, none of the technical indicators could prevent the gold from the surge.
However, during today’s US FOMC meetings at 19:00 GMT, the US Dollar could appreciate against the yellow metal to push the rate to trade downside towards the 38.20% Fibonacci retracement level at the 1,245.07 mark
