The summer high levels provided enough resistance for the yellow metal’s price to decline to previous trading levels. At mid-day on Tuesday, the price passed the support of the 200-hour SMA and the 1,810.00 level.
In the near term future, the metal was expected to continue to decline, as it had no technical support. However, most likely round price levels are bound to impact the price. For example, the 1,800.00 could once again provide support.
Meanwhile, a potential recovery would most likely face the resistance of the 200-hour SMA near 1,811.00 and the 55 and 100-hour SMAs near 1,820.00.
