On Wednesday, gold price ignored the 55 and 200-hour simple moving averages. The price fluctuated around them freely. Meanwhile, the resistance of the 100-hour SMA was still able to push the pair lower.
A decline of the commodity is still expected, as the previous support levels have moved above the price and begun to provide resistance.
Meanwhile, take into account that round price levels are providing psychological support. For example the most recent small scale surge was caused by the support of the 1,324.00 level.
