During Tuesday’s trading session, the yellow metal traded between the 55-hour and the 100-hour simple moving averages to break the medium pattern line at 1,316.00. On Wednesday morning, gold was located above the medium pattern line at the 1,316.86 mark.
In regards to the near-term future, most likely, the 100-hour simple moving average will support the rate to help the rate to surge towards the monthly pivot point at the 1,321.03 mark.
Besides, It is expected that the yellow metal will end the trading day at the 1,318.00 level.
