The precious metal, after the aggressive upside gap that occurred upon Monday’s trading session opening, retraced to the downside from 1188.00 to as low as 1174.00.
The price is at the moment oscillating slightly below today’s major resistance zone, 1179.18, a level where the sellers could engage in strong downside pressures and force the metal as low as 1165.75.
Alternatively though, in the scenario where the buyers are able to lead the price via an upside break above 1182.71, the metal could escalate as high as 1196.58.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.