During Thursday’s trading session, the yellow metal broke the 61.80 % Fibonacci retracement level to trade above the technical indicator. Afterwards, the gold depreciated against the US Dollar to end the trading session at 1,224.03. During Friday morning hours, the yellow metal was located at 1,224.31 mark.
In regards to the near-term future, most likely, the yellow metal will trade upwards to break the 61.80% Fibo at 1,225.59 due to the supports of the simple moving averages. It is expected that the gold will be trading at the 1,228.00 level on Friday.
On the other side, if the US Dollar will appreciate against the gold, the yellow metal could pass through the supports of the SMAs to trade at 1,218.00 level.
