The gold price appreciated 1.34 % since Tuesday’s session. On Wednesday morning hours, the yellow metal was located at the 1,204.39 mark.
In regards to the near-term future, most likely, the yellow metal will trade sideways during the trading session. The simple moving averages will try to catch up the rate to support to in next trading sessions.
On the other hand, today’s fundamental news could affect the gold to break the medium descending pattern to trade near the monthly R1 at the 1,209.98 mark.