Since September 30, the yellow metal’s price has been testing the resistance of the last week high zone at 1,761.10/1,765.00. Meanwhile, support is being provided by the 55 and 200-hour simple moving averages and the 1,750.00 mark.
If the price passes the resistance of the recent high levels, the metal could aim at the 1,800.00 level. However, the 1,780.00 and 1,785.00 levels might keep gold down, as it occurred in September.
Meanwhile, a decline would have to pass the 55 and 200-hour SMAs and the 1,750.00 level before aiming at the 100-hour SMA at 1,745.00.
