The precious metal has been escalating slightly higher since the 11th of June, 2015, after its aggressive declination that took place a day before on the 10th of June, 2015.
The current channel formation gives bulls much greater probabilities that the metal will shift in their favor for today’s trading session. In the scenario where the price escalates, bulls could lock their profits around 1192.32.
In contrast, a break below 1175.55 could be an indication that the price could decline as low as 1162.86, a considerably long term daily bearish target.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.