In regards to the near-term future, most likely, the gold will keep surging upwards to the medium pattern line at 1,226.00 level to trade at the 1,224.00 level during the trading session on Tuesday.
However, the rate could depreciate to pass through the support of the 55-hour to trade at the 1,216.00 level on Tuesday.
During Tuesday’s trading session, the yellow metal was resisted by the descending medium pattern line at the 1,219.95 level to end the trading session at the 1,222.68 mark. On Wednesday morning, the gold was trading between the 55-hour and the 200-hour simple moving averages at the 1,222.42 mark.
In regards to the near-term future, most likely, the gold will trade sideways to remain at the 1,220.00 level during the trading session on Wednesday.
On the other side, the yellow metal could pass through the support of the 200-hour simple moving average at 1,213.06 to trade at the 1,215.00 level.