The metal stabilized close to the 1172.33 level since today’s European trading session, as the buyers strongly withhold the price above this level in their attempt to retrace the metal once again to the upside.
In the scenario where the price appreciates, the buyers could lead the price as high as 1186.37, the first target, and 1196.81, the second target, respectively.
Alternatively, in the event that the price resumes declining further, the metal could break below 1165.82 and decelerate as low as 1151.03.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.