Since August 18, the yellow metal’s price has been fluctuating between the support of the 1,775.00/1,777.00 zone and the resistance of the 1,792.00/1,796.00 levels. Meanwhile, the commodity price was ignoring the 55 and 100-hour simple moving averages that were located between the mentioned zones.
In the case of a surge above the 1,792.00/1,796.00 zone, the commodity price would almost immediately face the resistance of the 1,800.00 level. Above the 1,800.00 mark, the price could reach for the previous August high levels near 1,830.00.
On the other hand, a potential decline below the support zone of 1,775.00/1,777.00 could look for support in the 200-hour simple moving averages.
