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The precious metal returned to the positive steps found a strong support floor around our target, which it reached during this week’s trading at 1909 and pushed it to rebound higher.
On the technical side, the current moves are witnessing stability above the 1934 resistance at 50.0% Fib retracement with the 50-day moving average heading downwards.
Despite the technical factors in favor of a bullish today, we prefer to wait until confirming the breach of 1956 to enhance the chances of the rally towards 1967, correction of 38.20, bearing in mind that a break of the mentioned level may extend gains towards 1973.
If trading returns below 1934, the metal will remain under negative pressure and return to the bearish bias making its way towards 1901.
| S1: 1926.00 | R1: 1956.00 |
| S2: 1908.00 | R2: 1968.00 |
| S3: 1896.00 | R3: 1986.00 |