The yellow metal’s price has reached above the March high level zone that was located above the 1,755.00 level. On Friday, the price found support in the 1,760.00 level. Due to that reason the zone was extended and remains on the chart, as it is expected that it would provide support.
In the meantime, the metal had faced and bounced off the resistance of the 1,770.00 level.
In regards to the near term future, the metal’s price could trade sideways between the 1,760.00 and 1,770.00 levels.
If the metal passes the support zone of the March high levels, the bullion could reach the support of the 55, 100 and 200-hour simple moving averages and the 1,750.00 level.
On the other hand, a breaking of the resistance of the 1,770.00 level, the metal could continue to gradually surge, as it finds resistance in round price levels.
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