The yellow metal traded above a significant level of support on Monday morning, as the commodity price was located above the 1,280 level. Due to the fact that the bullion could count on the support of the 61.80% Fibonacci retracement level at the 1,278.96 mark, a hypothesis of a continuation of the surge was made. The yellow metal’s price is most likely going to surge up to the newly calculated weekly R1, which is located at the 1,286.87 level. Moreover, the commodity faces no other resistance levels up to that mark, as even the upper Bollinger band is located above the weekly level of significance. On the other hand a decline might occur, in which case the metal will search for support in the weekly PP at 1,273.06.
