The gold price depreciated 0.12% since Wednesday’s session. During the previous trading session, the yellow metal was resisted by the 55-hour SMA to pass through the 100-hour SMA to stop the trade at the 1,221.71. During Thursday’s morning hours, the gold was resisted by the 100-hour SMA to trade at 1,222.55 mark.
On Thursday, most likely, the gold will trade down towards the upper boundary of the dominant descending pattern at 1,209.98 mark. It is expected that the rate will be traded at 1,215.00 during the day.
Besides, none of the technical indicators can prevent the rate from the downwards movements during the day.
