The yellow metal’s price on Monday morning continued the surge, which began on late Friday. On Friday, the pair managed to break the resistance of the 55-hour SMA and a monthly pivot point.
On Monday morning the most relevant aspect of the commodity price’s chart was the fact that the price had reached above all notable close by resistance levels. Namely, it faced no resistance levels as high as the 1,196.70 level.
At that level the 200-hour simple moving average was the only resistance level, which could stop the price from reaching back above the 1,200.00 mark.
