During Tuesday’s trading session, the yellow metal was trading between the 200-hour and the 100-hour SMAs. During Wednesday’s morning hours, the 100-hour simple moving average supported the rate at the 1,310.50 mark.
In regards to the near-term future, it is expected that the 55-hour and the 100-hour SMAs will push the rate to break the resistance of the 200-hour simple moving average.
In addition, today’s US CPI and Core CPI data release at 13:30 GMT might support the US Dollar to appreciate against the gold to trade at the 1,314.00 level.
