The commodity has been since the 2nd of July, 2015 oscillating mostly between the range of 1165.87 and 1170.61 respectively.
The bullish presures seem to be more promising than the bearish ones and therefore in the scenario where the metal breaks above the 1170.61 level, the buyers could re-engage in strong upside pressures and lead the price as high as 1179.21 and 1192.85 respectively.
In contrast, in the event where the price breaks below the 1165.87 zone, the metal could resume to decline as low as 1156.75.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.