During Wednesday’s session, the yellow metal was supported by the 55-hour simple moving average to end the day at 1,290.00. On Thursday, the 55-hour and the 100-hour SMAs supported the rate to the 1,292.07 mark.
Most likely, gold will be trading sideways during the day. It is expected that the rate will stay at the 1,285.00 level.
On the other hand, the support levels of the 100-hour and the 55-hour simple moving averages might push the rate to the 1,295.00 level.