The support of the zone just above the 1,770.00 level was enough for the metal’s price to surge above the 55, 100 and 200-hour simple moving averages. By the middle of Thursday’s European trading hours, the price was heading to the resistance of the 1,800.00 mark.
If the metal manages to pass the resistance of the 1,800.00 level, the rate could test the February high level at 1,815.00. On the other hand a potential decline caused by the 1,800.00 mark could look for support in the 55, 100 and 200-hour simple moving averages.
