On Friday, the yellow metal’s price plunged to the 1,772.35 level, before starting to recover. On Monday, the recovery of the price had retraced to the 1,790.00 level and the previously passed support line of the last week’s low levels.
If the price passes the resistance of the 1,790.00 mark, it would immediately encounter the resistance of the 55, 100 and 200-hour simple moving averages at 1,791.31/1,793.50.
However, a decline of the price might look for support in the previous low level at 1,772.35, before aiming at the mid-October low levels at 1,767.40 and 1,760.85.
