On Tuesday, the yellow metal did not find support in the 55-hour simple moving average near 1,830.00. Instead, the price declined to the 1,818.20 level. The event confirmed that the 1,812.80/1,818.20 zone could provide support in the future.
During the early hours of Wednesday's trading, the price was located in the middle between the 1,812.80/1,818.20 support zone and the resistance of the 1,843.80/1,845.50 zone.
In the case of the commodity price managing to pass the resistance of the 1,843.80/1,845.50 zone, the metal could test the 1,850.00 level and afterward the February high level at 1,855.00.
On the other hand, a potential decline below 1,812.80/1,818.20 could reach the 1,800.00 level and the 200-hour simple moving average.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.