During the previous trading session, the yellow metal was supported by the 55-hour and the 100-hour simple moving averages. On Thursday, the rate was trading at the 1,294.33 mark.
Most likely, the gold will be retraced by the medium pattern line at 1,294.33 to push the rate to trade sideways. Moreover, it seems that the yellow metal will be trading at the 1,292.00 level during the day.
However, the gold could break the resistance of the medium pattern line at 1,294.33 to surge towards the 1,298.00 level.
