During Monday’s trading session, the support level of the 23.60% Fibo at 1,292.00 helped the yellow metal to end the trading session at the 1,290.00 level. During Tuesday’s morning hours, the 55-hour simple moving average supported gold to break through the resistance level of the 200-hour SMA to be located at the 1,296.200 mark.
In regards to the near-term future, most likely, most of the technical indicators will support the yellow metal to surge towards the upper boundary of the medium pattern at the 1,300.00 level.
Moreover, if the rate will reach the pattern line, it is expected, that gold might surge reach the 1,310.00 level.
