During the previous trading session, the gold passed through the support level of the 23.60% Fibo to depreciate to the 1,286.00 level. However, during Friday’s morning hours, the yellow metal recovered itself to appreciate against the US Dollar to 1,293.29.
Most likely, the yellow metal will try to break through the resistance of the upper boundary of the descending pattern line at 1,297.00 to trade near the upper boundary of the dominant pattern line at 1,300.00.
On the other side, the gold might be depreciated against the US Dollar during today’s US CPI and Core CPI data releases at 13:30 GMT to trade at 1,290.00.
