Since the Friday’s surge, the yellow metal’s price has been trading below the resistance of the 1,845.00 level. On Tuesday, the metal’s price was being approached from below by the 55-hour simple moving average.
If the 55-hour simple moving average manages to provide enough support for the metal’s price to surge above the 1,845.00 level, the price could find resistance in the 1,850.00 level and the February high level at 1,855.00.
On the other hand, if the SMA fails to push the price up, the bullion could decline to the 100-hour simple moving average near 1,815.00.
