On Tuesday, the yellow metal’s price bounced off the support zone of the 1,720.00/1,725.00 levels. As soon as the price managed to pass the short term resistance of the 200-hour simple moving average, the price sharply surged.
The surge was expected to possibly stop at the 1,745.00 level, which had previously provided both resistance and support.
If the price passes the 1,745.00 level and the zone above it, the price could test the resistance of the April and March high levels. On the other hand, the price could remain below the 1,745.00 level or even return to the support of the 1,720.00/1,725.00 zone.
