As soon as the yellow metal’s price passed the resistance of the 1,800.00 level, the price jumped by 0.80%. By the middle of Friday’s trading, the price had reached the 1,820.00 level.
In the near term future, the metal was expected to consolidate its gains by trading sideways.
Afterwards, the 55, 100 and 200-hour simple moving averages could catch up and provide the needed support for the metal’s price to resume its surge. A potential target for a surge would be the February high level of 1,855.00.
On the other hand, note that a consolidation could take place by retracing back down to the 1,800.00 level.
