The yellow metal broke the resistance line, which was discovered on Tuesday. Due to that reason it can be assumed that, as the bullion forms and reveals the new medium term trend, various short term levels of significance are likely going to become obsolete in the matter of hours. However, the basic hypothesis remains the same. The commodity price is set to surge in the upcoming weeks. In regards to the next few trading sessions, it could be observed on Wednesday morning that the bullion had bounced off a short term resistance line and began a retreat. Although, the commodity price was about to be supported by the 55-hour SMA, which as approaching the bullion from the downside just above the 1,235 mark.
