Yesterday, the yellow metal broke through the monthly pivot point to end the trading session at the 1,304.00 level. On Wednesday morning, gold continued appreciating against the US Dollar to be located at the 1,304.64 mark.
In regards to the near-term future, most likely, the yellow metal will continue the surge towards the 23.60% Fibonacci retracement level at the 1,309.31 mark.
However, today’s fundamental news could break the prediction to push gold to depreciate against the US Dollar to the monthly pivot point at the 1,299.43 mark.
Note, watch out for the news!
