Forex: XAU/USD will stay at 1,198.00

The gold price depreciated 0.03 % since Thursday’s session. During Friday’s morning hours, the yellow metal was trading between the 55-hour and the 100-hour simple moving averages at the 1,198.04 mark.

In regards to the near-term future, most likely, the rate will stay at the 1.198.00 level during the day. The rate will be supported by the 100– hour and the 200-hour SMAs and resisted by the 55-hour SMA at the bottom boundary of the small ascending pattern.

On the other side, the supports of the 100-hour and the 200-hour SMAs could push the rate to break the resistance of the pattern line to trade at the 1,200.00 level.