The yellow metal’s price has reached above the 1,870.00 level. Note that the surge occurred faster than expected, as the rate even broke the narrow channel up pattern, which had guided the price up since May 13.
In the near term future, the metal was expected to consolidate by trading sideways until the hourly simple moving averages catch up with it and provide the needed support for a resumption of the surge.
On the other hand, the price could decline and reach the 55-hour SMA near 1,850.00 instead of trading sideways.
