The yellow metal increased volatility on Wednesday and managed to break the resistance of the 1,875.00 level. Although, the rate retraced back down after touching the 1,890.00 mark.
On Thursday, the price of the commodity was fluctuating between the 1,865.00 and 1,880.00 levels.
In regards to the near term future, the metal could surge due to the approaching support of the 100-hour simple moving average near 1,860.00. A potential surge could test the resistance of the 1,880.00 and 1,890.00 levels before reaching the 1,900.00 mark.
On the other hand, a failure of the 100-hour SMA might result in a decline first to the 1,855.00 level and afterwards the 200-hour simple moving average near 1,845.00.
