As it was expected, the bullion’s price continued to plummet during Monday’s trading ssession. However, the situation changed on Tuesday morning. The commodity price found support at the first monthly support level, which is located at the 1,220.50 mark. For this reason, the metal seems to have a rather larger range for the consolidation period, which seems to be beginning. Meanwhile, the 55- and 100-hour SMAs are moving in from the upside at 1,235.38 and 1,241.65, respectively. The SMAs are too distant to be considered a notable resistance on Tuesday. However, additional clues in regards to closer resistance levels could be observed on the daily chart.
