The retracement from the 1,870.00 level found support above the 1,840.00 mark. Namely, the 1,841.30/1,843.50 zone provided the metal’s price with support. By the middle of Thursday’s GMT trading hours, the price was once again heading to the 1,870.00 level.
In the case that the price passes the resistance of the 1,870.00 level, the 1,900.00 mark could be the next target for the yellow metal’s surge.
On the other hand, a bounce off from the 1,870.00 could return to the 1,841.30/1,843.50 zone. Note that the zone was being approached by the additional support of the 50 and 100-hour simple moving averages near 1,840.00 and 1,830.00.
