The gold price depreciated 0.42 % since Wednesday’s session. During Thursday’s morning hours, the yellow metal was supported by the 200-hour simple moving average to allocate the rate at the 1,200.37 mark
In regards to the near-term future, most likely, the yellow metal will trade upwards to the upper boundary of the small pattern line at the 1,208.00 level. The simple moving averages will support the surge during the day.
Besides, the surge cannot be prevented due to lack of significant fundamental news on Thursday!