On Monday morning, the slowed down decline of the yellow metal’s price reached below the support of the 200-hour simple moving average. The SMA had kept the pair up together with the 1,765.00 mark since early Friday’s trading hours.
If the metal’s price declines, it could reach the support of the October low level zone of 1,745.00/1,751.00.
However, a recovery of the price might encounter resistance in the 200-hour SMA at 1,768.00. Afterwards, the 100 and 55-hour SMAs might act as resistance at 1,777.25 and 1,784.50.
