First of all, note that after breaking the resistance of the 1,875.00 level, the yellow metal’s price has been ignoring this level. It does not provide support or resistance.
In the meantime, since Wednesday, the price has been fluctuating in a symmetrical triangle pattern. In theory, the metal’s price should reduce volatility in the borders of the pattern until a break out up or down occurs. Usually, a break out from a triangle occurs in a sudden sharp move.
A potential surge could reach for the resistance of the 1,900.00 mark. Note that there are no technical resistance levels above the price, as all of the simple moving averages have been left below.
On the other hand, a decline could look for support in the 55, 100 and 200-hour simple moving averages. The SMAs are located respectively near 1,875.00, 1,870.00 and 1,850.00. In addition, the previously passed February high at 1,855.00 might provide support.
