The yellow metal remains in the range between the two support zones that were marked last week. From above, the rate is facing resistance from 1,745.55 to 1,747.30. From below, a support zone is located at 1,722.20/1,725.30.
In the meantime, it was spotted on Monday that the metal’s price was being impacted for short time periods by he 55, 100 and 200-hour simple moving averages. Moreover, the resistance of the 200-hour SMA and the 1,735.00 level caused the Monday’s decline to the support zone of 1,722.20/1,725.30.
By the middle of Monday’s trading, the price was testing the support of the described zone. If the zone holds, the price could retrace back up and find resistance in the mentioned SMAs. On the other hand, in the case of a decline, the 1,720.00 and 1,700.00 would most likely provide support.
