The precious metal has been facing strong downside pressures since the 18th of May, 2015, pressures that forced the price as low as 1173.10, today’s major support level.
The buyers are at the moment withholding the metal above 1173.10. The bullish momentum is expected to increase throughout the day and become more intense upon the North American Session (New York) opening.
In the scenario where the price will indeed escalate, buyers could place their take profit targets at 1202.83 and 1209.43 respectively. A long term target for the day could be 1232.41. All stop losses could be placed at 1160.31 giving some ‘’breathing space’’ to the price in case of aggressive fluctuations.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.