The yellow metal”s price managed to pierce the 1,805.00 level and the resistance zone below it twice. However, the resistance held and a decline started at mid-day on Wednesday. By the middle of Thursday’s European trading hours, the price had reached the support of the 1,781.00/1,784.00 zone, which has kept the price up since September 8.
In the case that the metal passes the 1,781.00/1,784.00 support zone, the bullion might look for support in round price levels before reaching the support of the 1,750.00 mark. Namely, the zone above the 1,775.00 level provided support in late August.
On the other hand, a recovery of the metal could once again reach the resistance zone that is located from 1,800.00 to 1,805.00. Meanwhile, some resistance might be found in the 55 and 100-hour simple moving averages. However, the SMAs have been failing to notably impact the price throughout September.
