On Wednesday morning, the yellow metal was trading between the 55-hour and the 200-hour simple moving averages at the 1,285.38 mark.
Most likely, the gold will be trading downside towards the bottom boundary of the pattern line at the 1,280.50 mark. Moreover, it is expected that the 200-hour simple moving average will retrace the gold to give an additional push to depreciate against the US Dollar.
On the other hand, the 100-hour simple moving average could support the yellow metal to break the resistance of the 200-hour simple moving average to trade near the 23.60% Fibonacci retracement level at 1,291.57.
