Instead of testing the support of the 1,700.00 level the price for gold began to trade sideways even before it was reached. Since the middle of Wednesday’s GMT trading hours, the price has been fluctuating between 1,710.00 and 1,720.00. On Thursday, the bullion was being approached by the 55 and 100-hour simple moving average.
In the near term future, the price could be pushed down by the 55-hour simple moving average. In this case scenario the price would eventually test the support of the 1,700.00 level.
On the other hand, the SMAs resistance was pierced late on Tuesday. Namely, the SMA failed to push the price down. Due to that reason, the price could continue to trade sideways between 1,710.00 and 1,720.00.
