On Friday morning, the yellow metal was trading between the 200-hour and the 55-hour simple moving averages at the 1,283.19 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will retrace the gold to the 1,276.00 level.
On the other side, the 55-hour and the 100-hour simple moving averages could support the rate to break the resistance of the 200-hour SMA to the 23.60% Fibonacci retracement level at the 1,291.57 mark.
