During Friday’s morning hours, the yellow metal was retraced by the 23.60% Fibonacci retracement level and the simple moving average to trade at the 1,288.11 mark.
In regards to the near-term future, most likely, the gold will continue depreciating against the US Dollar to the 1,284.00 level. Besides, the resistance levels of the simple moving averages and the 23.60% Fibo will prevent the rate from surge during the trading day.
Moreover, none of the technical indicators could support the yellow metal from the fall.
