During Thursday’s trading session, the yellow metal broke the resistance of the monthly pivot point at 1,308.46 to end the trading session at 1,309.46. On Friday morning, the gold was resisted by the 100-hour simple moving average at the 1,309.83 mark.
In regards to the near-term future, it is expected that the 100-hour simple moving average will continue retracing the rate to push it to trade sideways at the 1,310.00 level.
On the other hand, the support level of the monthly pivot point at the 1,308.46 mark could support the yellow metal to break the resistance of the 100-hour to trade at 1,312.00
