On Tuesday, the yellow metal dipped below the support zone of 1,810.00 level. However, the price almost immediately found support in the 100-hour simple moving average near 1,802.00. On Wednesday, the price had recovered and traded sideways around the 1,815.00 level.
If the 100-hour simple moving average catches up with the price, the metal could surge. A potential surge could reach first for the resistance of the 1,820.00 level and afterwards the August high levels in the 1,830.00/1,835.00 zone.
On the other hand, a decline of the metal’s value could result in a test of the support of the 1,810.00 level, the 100-hour simple moving average at 108.75 and the 200-hour simple moving average near 1,800.00.
