On Monday, the commodity price was testing the resistance of the 55, 100 and 200-hour simple moving averages and a monthly pivot point at 1,498.30.

If these levels get broken, the price would next test the resistance of the 1,510.00 mark.

On the other hand, in the case of a decline no technical levels would provide support. During the last couple of week, support is provided by round psychological price levels.

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