As expected, the yellow metal found support in the 55-hour simple moving average, which pushed the rate into another test of the resistance zone that is located above the 1,745.00 mark. By the middle of Thursday’s GMT trading hours, a test of the resistance zone was ongoing.
If the SMA provides enough support for the price to push through the resistance of the zone above 1.745.00, the metal could test the resistance of the March high level near 1,755.00.
On the other hand, a potential decline of the metal would reach for the combined support of the zone below the 1,725.00 level and the 200-hour simple moving average. However, note that some support could be found in the 100-hour SMA near 1,732.50.
