During Tuesday’s trading session, the yellow metal was resisted by the monthly R1 at 1,241.40 to end the trading session at the 1,235.43 mark. During Wednesday’s morning hours, the yellow metal was supported by the 55-hour simple moving average to trade at the 1,235.90 mark.
In regards to the near-term future, most likely, the yellow metal will trade upwards to meet the monthly R1 at the 1,241.40 mark. In addition, the 55-hour simple moving average will support the surge during the day.
However, the gold could pass through the support of the 55-hour simple moving average to trade sideways at the 1,230.00 level on Wednesday.
