During the previous trading day, the yellow metal traded sideways to stay at the 1,288.00 level. On Wednesday morning, the gold was trading between the simple moving averages at 1,290.37.
In regards to the near-term future, most likely, the yellow metal will break the resistance levels of the 55-hours and the 100-hours SMAs to trade at 1,292.00. Besides, the 200-hour simple moving average will support the surge!
On the other hand, the gold could depreciate against the US Dollar during today’s US Crude Oil Inventories data release at 15:30 GMT to push the rate to trade at 1,286.00.
