During Tuesday’s trading session, the yellow metal was trading downside to end the trading session at the 1,202.45 mark. On Wednesday morning, the gold was resisted by the 55-hour simple moving average to trade at the 1,203.41 mark.
In regards to the near-term future, the gold will move sideways to trade between the 50.00% Fibonacci retracement level at the 1,207.49 mark and the bottom boundary of the ascending large pattern line at the 1,195.00 mark.
However, the yellow metal could depreciate against the US Dollar during today’s US CPI data release at 13:30 GMT to push the gold the trade near the monthly pivot point at the 1,213.84 mark.
