The yellow metal ended its sideways trading by surging to the resistance of the 100-hour simple moving average, which held and caused a decline. During the early Monday’s trading hours, the rate had reached the support of the 1,690.00 level.
If the 1,690.00 provides support once again, the metal’s price could make another attempt to pass the resistance of the 100-hour simple moving average.
On the other hand, in the case of the 1,690.00 level failing, the pair could look for support in the lower trend line of the channel down pattern, which captures the price’s one month long decline.
