Forex: XAU/USD passes 1,230.00

During Wednesday’s trading session, the yellow metal broke the resistance of the descending medium pattern line at the 1,227.00 level to end the trading session at the 1,225.55 mark. On Thursday morning, the gold was trading sideways at the 1,229.10 mark.

In regards to the near-term future, most likely, the gold will meet the upper boundary of the ascending pattern line at the 1,230.50 mark. The 55-hour and the simple moving average will support the yellow metal during the session.

On the other side, the yellow metal could bounce off the upper boundary of the ascending pattern line at the 1,230.50 to trade downwards to the 1,226.00 level.