The metal faced all day long strong downside pressures and resumed its downtrend oscillation from as high as 1188.11 to as low as 1177.89, the current major level for today’s session.
The price will most probably continue dropping lower at 1167.60, a level where sellers would either exert greater presssures or where the buyers will attempt to re-trace the metal to the upside.
Alternatively though in the scenario of an aggressive bullish break out at 1188.11, the buyers could force the metal to escalate toward higher levels, such as the 1194.22 and 1204.50 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.