During Wednesday’s trading session, the yellow metal traded sideways to appreciate against the U Dollar by 38 pips or 0.03%. On Thursday morning, the rate was located at the 1,335.74 mark.
In regards to the near-term future, the 100-hour simple moving average will support the gold to break the resistance of the monthly R1 at 1,340.10. Most likely, the yellow metal will end the trading session at the 1,340.00 level.
On the other hand, today’s US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the yellow metal to depreciate against the US Dollar to pass through the support level of the 100-hour SMA to trade near the 200-hour simple moving average
