During Tuesday’s trading session, the yellow metal surged to the upper boundary of the medium pattern line at the 1,310.00 mark. On Wednesday morning, gold was trading between the 100-hour and the 200-hour simple moving averages at the 1,302.53 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will support the rate to push it to the 1,305.00 level.
However, today’s US Federal Funds Rate, FOMC Statement release at 18:00 GMT might push the US Dollar to appreciate against the yellow metal to the 1,296.00 level.
