The metal stabilized at 1172.71, a level that seems to be still a major resistance point for today’s trading session.
In the event that sellers exert strong pressures this time, the metal could drop as low as 1162.76. In addition, further pressures could force the price lower.
Therefore, the downtred scenario has greater chances to prevail upon the North American session’s opening.
Alternatively, a break above 1172.71 and thereafter at 1178.57 could be devastating for the sellers, as the buyers could then take control over the price.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.