On Tuesday, the price for gold booked a new high level, as the commodity shortly traded above the 1,915.00 level. The price managed to pass the previous May high of 1,913.12.
In the near term future, the metal could gain support from the 55 and 100-hour simple moving averages and extend the surge. A potential target for the surge could be the 1,960.00 mark, which reversed the early 2021 surge. However, note that round price levels are bound to slow down a surge.
On the other hand, the yellow metal could pass the support of the 55 and 100-hour simple moving averages. A potential decline could reach for the support of the 200-hour simple moving average near 1,890.00 and the support zone below that level.
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