The consolidation of the gains of the yellow metal was short lived, as the combined support of the 55 and 100-hour SMAs managed to stop the fall and immediately reverse it on Thursday. Since then the commodity price has been constantly finding support in the monthly pivot point, which is located at the 1,258.37 mark. Most likely during Friday’s trading session the bullion will make attempts to break through the resistance of the weekly R1. The first weekly resistance level is located at the 1,264.80 mark. The impulse for the surge could be and likely will be provided by the support of the 55 and 100-hour simple moving averages, which on Friday morning were located, respectively, at 1,256.19 and 1,255.27.
