Since the middle of Monday’s European trading, the commodity price has continued to be supported by the 200-hour simple moving average. In the meantime, the price almost ignored the 55 and 100-hour simple moving averages.
In regards to the near term future, the 200-hour SMA could force the price into testing the resistance of the 1,745.50/1,747.40 zone. If the zone fails to hold, the price could reach the resistance of the 1,755.00 level.
On the other hand, in the case of the 200-hour SMA failing to push the price up, the metal could look for support in the 38.20% Fibonacci retracement level at 1,729.33. If the retracement level does not provide support, the commodity price would look for support in round price levels. Most likely the 1,720.00 and 1,700.00 levels could provide support.
