During Tuesday’s trading session, the yellow metal was supported by the 200-hour simple moving average to end the trading day at the 1,230.28 mark. On Wednesday morning, the gold was supported by the 55-hour and the 100-hour simple moving averages to trade at the 1,231.93 mark.
In regards to the near-term future, most likely, the gold will keep trading sideways to trade at the 1,235.00 level during the day. The 200-hour simple moving average should support the rate from a decline during Wednesday’s trading session.
However, the yellow metal could depreciate during today’s US Crude Oil Inventories data release at 15:30 GMT to trade at the 1,225.00 level.
