On Thursday, the yellow metal’s price booked a new low level by testing the lower trend line of a descending channel down pattern near 1,765.00. The event was followed up by a surge up to the 50-hour simple moving average near 1,775.00.
If the metal’s price attempts to surge higher, it would have to break the resistance of the 50-hour simple moving average near 1,775.00. Afterwards, the 100-hour SMA might act as resistance near 1,780.00. In the meantime, the last week’s low level zone at 1,779.00/1,783.00 could also stop an upwards move.
On the other hand, a decline might once again look for support in the lower trend line of the channel down pattern or round price levels. Most likely, support would be located at the 1,760.00 mark.
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