By the middle of Tuesday’s London trading session, the yellow metal’s price was located near previous day’s trading levels, as the hourly simple moving averages had managed to keep the price from declining.
In general, it was expected that the consolidation will end soon and the 55, 100 and 200-hour simple moving averages push the commodity price higher. In that case the commodity price would once more test the resistance of the 1,420.00 level.
Meanwhile, watch closely the simple moving averages, as the commodity rate’s passing below all of them could cause a sharp decline down to 1,400.00
