On Tuesday, the yellow metal did not find support in the 55-hour simple moving average near 1,830.00. Instead, the price declined to the 1,818.20 level. The event confirmed that the 1,812.80/1,818.20 zone could provide support in the future.
During the early hours of Wednesday’s trading, the price was located in the middle between the 1,812.80/1,818.20 support zone and the resistance of the 1,843.80/1,845.50 zone.
In the case of the commodity price managing to pass the resistance of the 1,843.80/1,845.50 zone, the metal could test the 1,850.00 level and afterwards the February high level at 1,855.00.
On the other hand, a potential decline below 1,812.80/1,818.20 could reach the 1,800.00 level and the 200-hour simple moving average.
