An uptrend will start as soon, as the market rises above resistance level 1738, which will be followed by moving up to resistance level 1759. The downtrend may be expected to continue, while market is trading below resistance level 1738, which will be followed by reaching support level 1718 and if it keeps on moving down below that level, we may expect the market to reach support level 1705.
Since the start of this week's trading, the price for gold has remained near the 1,730.00 level. However, on Tuesday morning, the rate had shortly pierced the resistance of the 1,735.00 level. Moreover, it was not retracing down to the support of the 55-hour simple moving average near 1,724.00. In the near term future, the metal was expected to continue to trade sideways until it would be approached by the support of the 55-hour simple moving average. The SMA could cause a surge. In addition, the 100-hour SMA could provide additional support for a potential surge.