• The precious metal stalled its recent decline and managed to stage a modest recovery from support marked by 50% Fibo. level of the $1196.40-$1346.85 strong up-move.
• Slightly oversold conditions on the 4-hourly chart prompted some short-covering amid resurfacing global growth concerns following today's sluggish Euro-zone PMI prints.
• However, given that the commodity has already confirmed a near-term bearish break through a descending triangle, the current bounce might still be seen as a selling opportunity.
• Hence, the recovery seems more likely to confront some fresh supply and fizzle out near the triangle support break-point, now turned resistance - around the $1281-82 region.
• Any subsequent up-move seems more likely to remain capped near the $1289 confluence barrier - comprising of 100-day SMA and 38.2% Fibonacci retracement level.
|Today last price||1276.54|
|Today Daily Change||2.74|
|Today Daily Change %||0.22|
|Today daily open||1273.8|
|Previous Daily High||1279.7|
|Previous Daily Low||1272.1|
|Previous Weekly High||1310.7|
|Previous Weekly Low||1288.7|
|Previous Monthly High||1327.8|
|Previous Monthly Low||1280.1|
|Daily Fibonacci 38.2%||1275|
|Daily Fibonacci 61.8%||1276.8|
|Daily Pivot Point S1||1270.7|
|Daily Pivot Point S2||1267.6|
|Daily Pivot Point S3||1263.1|
|Daily Pivot Point R1||1278.3|
|Daily Pivot Point R2||1282.8|
|Daily Pivot Point R3||1285.9|
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