After touching the 1,625.00 level for a second time on Wednesday, on Thursday, the commodity returned to trade near the 1,650.00 mark.

In regards to the near term future, the metal was expected to end trading in this week’s range and surge, as on Thursday, the resistance of the 55-hour simple moving average was broken. In addition, the 200-hour SMA had reached the 1,625.00 level, removing a part of the overbought pressure.

On the other hand, the bullion could trade sideways until the 200-hour SMA reaches the 1,650.00 level.

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