The price for gold has been slowly surging, as after passing the resistance of the 50 and 100-hour simple moving averages the price traded close above them. In general, on Wednesday, Tuesday’s forecasts remained intact.
If the price for gold continues to move higher, it could reach the resistance zone of the 2021 summer and the 2022 New Years’ eve above the 1,830.00 mark. Higher above, the 1,850.00 level might stop a surge.
Meanwhile, a potential decline of the commodity price might find support in the simple moving averages near 1,815.00 and 1,810.00. Further below, note the support of the 1,800.00 mark.
