During the previous trading session, the resistance of the 200-hour simple moving average forced the yellow metal to pass through the support level of the monthly pivot point at 1,308.46. On Thursday morning, the gold was located below the monthly PP at the 1,306.77 mark.
In regards to the near-term future, most likely, the resistance of the monthly pivot point will retrace the rate to push the yellow metal to trade sideways at the 1,300.00 level for the rest of the day.
Meanwhile, the 55-hour and the 200-hour simple moving averages are trying to catch up the rate to give further retracement to the rate on Friday.
