The metal escalated slightly since yesterday toward 1178.57, a major resistance level for today’s trading session.
Even though bears have exerted considerably strong downside pressures, the pricewas able once again to re-trace slighly to the upside.
Moreover though, in the scenario where the price drops, sellers could force the metal as low as 1162.76 and even lower.
Alternatively, a break above 1178.57 would enable buyers to resume leading the price higher with the first target placed at 1188.38.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.