During Thursday’s trading session, the yellow metal passed the 55-hour and the 100-hour simple moving averages to end the trading session at monthly S1. On Friday morning, the 200-hour simple moving averages helped gold to break the resistance levels of the 55-hour and the 100-hour simple moving averages to trade at the 1,302.16 mark.

In regards to the near-term future, it is expected that the yellow metal will bounce off the upper boundary of the medium pattern line at the 1,306.00 mark.

In addition, most likely, the rate will end the trading session at the 1,300.00 level.

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