Since the start of this week’s trading, the price for gold has remained near the 1,730.00 level. However, on Tuesday morning, the rate had shortly pierced the resistance of the 1,735.00 level. Moreover, it was not retracing down to the support of the 55-hour simple moving average near 1,724.00.
In the near term future, the metal was expected to continue to trade sideways until it would be approached by the support of the 55-hour simple moving average. The SMA could cause a surge. In addition, the 100-hour SMA could provide additional support for a potential surge.
On the other hand, a failure of the two SMAs could result in a decline to the 200-hour simple moving average near 1,713.00.
