During Thursday’s trading session, the yellow metal passed through the support levels of the 55-hour and the 100-hour simple moving average to end the trading day at 1,231.24 mark. On Friday morning, the gold was trading near the 55-hour simple moving average at the 1,233.46 mark.
In regards to the near-term future, most likely, the gold will trade sideways to stay at the 1,234.00 level. The 55-hour SMA should support the gold during the day.
However, the US Dollar could appreciate against the yellow metal during today’s US Advance GDP q/q data release at 12:30 GMT. The fundamental news could force the gold to pass the SMAs to trade at the 1,228.00 level.
