The gold price appreciated 0.59% since Thursday’s trading session. On Friday, the yellow metal was surging upwards locating at the 1,2100.00 mark.
During Thursday’s trading session, the simple moving averages pushed the yellow metal to surge as it was expected. The gold is moving closer to the 61.80% Fibonacci retracement level, which gold should reach in next couple of days.
Moreover, the simple moving averages are trying to catch up the rate to support the yellow metal to break through the Fibonacci retracement level in the near-term future.