Despite the volatility caused by the publication of the monthly US employment data, the yellow metal’s price continues to surge in the borders of a channel-up pattern. However, it was spotted on Monday that the 1,795.00 level was providing the price with resistance.
In the case that the price gains enough support from the lower trend line of the channel up the pattern and possibly the 55-hour simple moving average it could reach the resistance of the 1,800.00 marks.
On the other hand, a potential decline below the 55-hour SMA and the pattern’s lower trend line would most likely look for support in the 100 and 200-hour simple moving averages near 1,775.00.
