• The commodity extended last week's rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal support.
• A convincing break below the mentioned horizontal support would confirm a bearish double-top chart pattern on the 1-hourly chart and pave the way for the additional near-term downfall.
• Technical indicators on the said chart hold in bearish territory and hence, a follow-through weakness, possibly back towards YTD lows, remains a distinct possibility.
Spot rate: $1220
Daily High: $1224
R1: $1224 (current day swing high)
R2: $1231 (horizontal zone)
R3: $1235 (double-top supply zone)
S1: $1217-18 (Friday's swing low)
S2: $1212 (YTD low set on July 19)
S3: $1205 (July 2017 swing low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.