The metal broke the resistance of the 1,750.00 zone on Friday. On Monday, this zone already began to provide support to the commodity price. In the upcoming trading sessions on Tuesday and Wednesday, the metal was expected to trade sideways or surge.
Namely, sideways trading above the 1,750.00 mark was expected for the metal to consolidate its gains. The sideways trading could continue until the support of the hourly simple moving averages approach the metal’s price.
On the other hand, there are no technical resistance levels that could stop a surge, which could be caused by a fundamental announcement. The most close by technical resistance was a monthly pivot point at 1,773.62.
