The metal declined further since the 23rd of June, 2015, with the price at the moment having stabilized close to 1179.01, a major resistance zone for today’s sesion.
In the scenario where the bearish pressures get more tensed, the metal could drop as low as 1166.40, the next major support level for buyers.
Alternatively, in the event where the buyers re-engage in strong upside pressures, the price could escalate initially as high as 1195.49.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.