During Tuesday’s morning hours, the yellow metal was trading above the 38.20% Fibonacci retracement level at the 1,248.70 mark.
Most likely, the 38.20% Fibo will push the rate to trade upwards to reach the 1,252.00 level during the trading session. Moreover, the 100-hour and the 200-hour simple moving averages will also support the rate during the day.
On the other side, the gold could be resisted by the upper boundary of the freshly drawn pattern line at the 1,250 mark to push the rate to trade sideways at the 1,246.00 level.
