On Monday morning, the yellow metal passed the support of the channel up pattern, which had guided the rate since June 29. Moreover, the 55 and 100-hour simple moving averages failed to provide the rate with support. However, the price found support in the 1,800.00 level.
In the near term future, the price could recover due to the support of the 1,800.00 mark. A potential surge of the bullion would most likely encounter resistance in the last week’s high level just below the 1,820.00 mark.
Meanwhile, a decline below the 1,800.00 mark could look for support in the zone near the 1,790.00 level and the 200-hour simple moving average.
