During Wednesday’s trading session, the gold broke most of the technical indicators to trade above the 23.60% Fibonacci retracement level at the 1,292.86 mark.
It is expected that the 23.60% Fibonacci retracement level at the 1,292.86 mark will give additional support for the gold to appreciate against the US Dollar. Most likely, the yellow metal will trade near the upper boundary of the ascending dominant pattern line at the 1,300.00 mark.
On the other hand, the yellow metal could depreciate against the US Dollar to pass through the support levels of the simple moving averages to trade near the bottom boundary of the ascending medium pattern line at the 1,284.00 mark.
