The precious metal stabilized once again around the 1177.09 price region after yesterday’s aggressive downside pressures and the immediate retracement thereafter to the upside.
The downside pressures will highly likely to resume even in today’s trading session, with the metal’s price, in the scenario of a downtrend move, most probably declining as low as 1143.96.
Alternatively, in the event where the buyers are able to withhold the price above 1177.09 then they could increase their probabilities of leading the metal as high as 1201.80.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.