The precious metal has been under strong bearish pressures since the 9th of July 2015 that have forced the price to drop from as high as 1167.70 to as low as 1151.69.
The latest stabilisation at 1155.06 might signal the beginning of a new uptrend, provided that there is sufficient break above the 1157.75 level. In the event where the buyers overcome sellers in trading volume they might push the price up to 1167.70 and 1177.57 respectively.
Alternatively, in the scenario where the bears exert greater pressures in their attempt to resume their selling activity and the metal breaks below 1151.69, the price could decline once again down to 1134.43.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.