It can not be seen on the hourly chart. However, the yellow metal has found support at the 1,260 mark. The successful rebound has evolved into a surge up to the 1,270 level on Wednesday morning. The surge might be at its end, as the 100-hour SMA is closing in on the commodity price from the upside at the 1,271.90 level. However, the 55-hour simple moving average did not manage to hold the ascent of the bullion’s price. Instead it quickly began to provide support. This fact strengthens the hypothesis that by the end of the day gold price might reach the next notable level of resistance. The next notable resistance is located at the 1,276 level, where the weekly pivot point and the 200-hour simple moving average are located at.
