During Wednesday’s trading session, the yellow metal broke the resistance of the descending medium pattern line at the 1,227.00 level to end the trading session at the 1,225.55 mark. On Thursday morning, the gold was trading sideways at the 1,229.10 mark.
In regards to the near-term future, most likely, the gold will meet the upper boundary of the ascending pattern line at the 1,230.50 mark. The 55-hour and the simple moving average will support the yellow metal during the session.
On the other side, the yellow metal could bounce off the upper boundary of the ascending pattern line at the 1,230.50 to trade downwards to the 1,226.00 level.
In regards to the near-term future, most likely, the gold will meet the upper boundary of the ascending pattern line at the 1,230.50 mark. The 55-hour and the simple moving average will support the yellow metal during the session.
On the other side, the yellow metal could bounce off the upper boundary of the ascending pattern line at the 1,230.50 to trade downwards to the 1,226.00 level.
During Thursday’s trading session, the yellow metal was trading above the resistance of the descending small pattern line at 1,228.00 level to end the trading session at the 1,226.88 mark. On Friday morning, the gold depreciated by 694 pips or 0.57% to trade inside the small descending pattern at the 1,223.37 mark.
In regards to the near-term future, most likely, the gold will trade sideways to stay at the 1,220.00 level during the day. The 100-hour simple moving average will not allow the yellow metal to surge on Friday.
On the other side, the yellow metal could break the resistance of the small descending pattern line at 1,225.00 level to trade at the 1,226.00 level.