During Monday’s trading session, the yellow metal was surging towards the descending medium pattern line at the 1,226.00 level to end the trading session at the 1,222.68 mark. On Tuesday morning, the gold was supported by the 55-hour simple moving average to trade at the 1,223.45 mark.
In regards to the near-term future, most likely, the gold will keep surging upwards to the medium pattern line at 1,226.00 level to trade at the 1,224.00 level during the trading session on Tuesday.
However, the rate could depreciate to pass through the support of the 55-hour simple moving average to trade at the 1,216.00 level on Tuesday.
