The buyers of the precious metal were recently able to aggresively retrace the price to the upside from 1146.18 to approximately close to 1168.00, after the downtrend channel formation that was initiated since the 6th of July, 2015 and forced the price to decline from 1174.48, to 1146.18 the previous major support zone.
The latest bullish formation seems to be considerably stronger than a probable bearish one, therefore in the scenario where the metal breaks above 1163.97, the price could escalate as high as 1174.48 and 1191.60.
Alternatively, in the event where the sellers exert greater pressures, provided that the metal breaks below the 1157.50 level, the price could decelerate once again as low as 1146.18.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.