On Monday morning the yellow metal traded below the 1,250.00 level. It had retreated down to that level after it had passed the support of the 55-hour simple moving average.
The metal was set to decline down to the support provided by the lower trend line of the dominant descending pattern near the 1,245.00 mark. The retreat of the price was about to be caused by the 55 and 100-hour simple moving averages, which were steadily going downwards, as they were set to provide resistance to the commodity.
