On Wednesday morning the yellow metal continued to trade in the range between the support provided by the weekly S1 at 1,246 and the combined resistance of the weekly PP at 1,252.57 and the monthly PP, which is located at the 1,253 mark. Meanwhile, all of the hourly SMAs are located in the middle of the range between the two mentioned levels of significance. The 55 and 100-hour SMAs seem not able to influence the metal’s price. However, the 200-hour SMA has proven its strength even in reversing the short term direction of the metal’s price. Market participants are set to watch the situation develop, as a break above the 1,250 mark might mean a jump to the 1,260 level. Meanwhile, a fall below the weekly S1, would mark the beginning of a long term decline of the metal.
