On Wednesday the yellow metal’s price remained below the resistance of the 1,870.00 level. In the meantime, the price was approached by the 55-hour simple moving average, which could push the commodity price down.
In the case that the 55-hour simple moving average provides enough resistance for the rate to decline, the price would aim at the support of the 1,845.00 level. The 1,845.00 level has been providing both resistance and support since early May.
On the other hand, the price could break the resistance of the 55-hour simple moving average. In this case scenario, the metal could once again test the resistance of the 1,870.00 level.
