On Wednesday, the yellow metal passed the resistance of the 1,765.00 level. Afterwards, the commodity price one by one passed the technical resistance of the 55, 100 and 200-hour simple moving averages. By the middle of Thursday’s European trading hours, the price had almost reached the 1,780.00 level.
Note the resistance of the descending trend line of the last week’s high levels. It could provide resistance to the bullion’s attempts at surging.
If the metal passes the resistance line, it could reach for the 1,800.00 mark. On the other hand, a bounce off from the trend line would look for support in the 55, 100 and 200-hour simple moving averages and afterwards the 1,771.00/1,774.00 zone.
