During Wednesday’s trading session, the yellow metal was trading between the 55-hour simple moving average to end the trading day at 1,285.00.
On Thursday morning, gold was located below the 55-hour simple moving average at the 1,286.10 mark.
In regards to the near-term future, most likely, the 55-hour simple moving average will retrace the rate to push it to depreciate towards the 1,280.00 level.
