Since early Tuesday trading hours, the yellow metal’s price was testing the resistance of the 1,875.00 level. After three attempts to pass the metal, the metal began a decline. By the middle of Wednesday’s trading, the commodity had reached the 1,860.00 level and had passed the 55-hour simple moving average.
In the near term future, the price could look for support in the 1,860.00 level and the May 15 and February high level at 1,855.00. If these levels fail to hold, the 1,850.00 mark and the 100-hour simple moving average could stop a decline.
On the other hand, a potential surge would most likely once again test the resistance of the 1,875.00 mark.
