During Wednesday’s morning hours, the yellow metal was located between the 55-hour and the 100-hour simple moving averages at the 1,314.09 level.
In regards to the near-term future, it is expected that the 100-hour simple moving average will resist the gold for the rest of the day to pressure the yellow metal to trade between the 55-hour and the 200-hour SMAs at the 1,312.00 level.
On the other hand, the yellow metal could trade sideways between the 100-hour and the 55-hour simple moving averages to stay at the 1,315.00 level for the rest of the trading session.
