The yellow metal’s price passed the resistance of the 1,800.00 level on Friday morning. The 1,800.00 kept the rate from surging since the start of September 8. However, the price almost immediately found resistance in the 100-hour simple moving average near 1,805.00.
In the case that the price passes the 100-hour simple moving average, the bullion could test the resistance of the 200-hour SMA at 1,809.50. Above the 200-hour SMA, the summer high levels at 1,830.00/1,835.00 might once again serve as resistance.
However, a bounce off from resistance would possibly look for support in the 55-hour simple moving average at 1,795.00. Below the SMA, the support zone just below the 1,785.00 might provide support.
