During Tuesday’s morning hours, the yellow metal passed the support levels of the simple moving averages to trade at the 1,288.83 mark.
In regards to the near-term future, most likely, the gold will be depreciated against the US Dollar due to the resistance of the simple moving averages. Moreover, the yellow metal might trade at 1,284.00 level during the day.
However, the gold could appreciate against the US Dollar to the 1,292.00 level during today’s US PPI and Core PPI data releases at 13:30 GMT.
