During Thursday’s trading session, the yellow metal depreciated against the US Dollar by the 1633 base points or 1.25% to end the day at 1,285.00. On Friday morning, gold was located above the 23.60% Fibonacci retracement level at the 1,291.93 mark.
In regards to the near-term future, most likely, the yellow metal will trade sideways to end the day above the 23.60% Fibo at the 1,295.00 level.
On the other hand, the resistance of the monthly S1 at 1,295.12 could retrace the rate to push it to depreciate to the 1,285.00 level.
