In a sharp move just after mid-day on Tuesday, the support of the 200-hour simple moving average was passed. However, almost immediately the rate found support in the 1,725.00 level. By the middle of Wednesday’s European trading hours, the metal’s price had retraced back up to the 1,735.00 level.
In the near term future, the recovery of the metal was expected to continue. It was expected to do so due to previously the 55 and 100-hour SMAs failing to provide resistance. It was more likely that the recovery could end above the 1,740.00 level or even Monday’s high level above the 1,745.00 mark.
On the other hand, in the case of a sudden decline the price could look for support in the 1,730.00 and 1,725.00 levels.