On Thursday morning, the yellow metal was trading below the 55-hour and the 100-hour simple moving averages at the 1,280.06 mark.
In regards to the near term future, most likely, the 200-hour simple moving average will continue retracing the rate to the 1,274.00 level. It is expected, that the gold will reach the monthly pivot point at 1,262.88 in a couple of trading sessions.
On the other hand, any fundamental news could push the yellow metal to appreciate against the US Dollar to stay at the 1,280.00 level!
