The metal dropped slightly yesterday and the downside move is still ongoing for today in light of rebounding from the resistance 1238.25 at 50% correction showing on graph. Despite that, trading is still above the key resistance of the downside move that started from the top 1345.10. Trading above 1200.00 strengthens the bullish possibility, but we prefer to keep the price above the support 1213.05 intraday to strengthen the bullish possibility. From the upside, breaching 1238.25 starts a bullish wave that targets 1263.50 at least, supported by the positivity of Linear Regression Indicators and MACD. | |||||
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Support | 1220.00 | 1213.05 | 1205.00 | 1200.00 | 1195.00 |
Resistance | 1231.05 | 1138.25 | 1240.25 | 1244.50 | 1252.65 |
Recommendation | Positive expectations above 1220.00, risk-limit below 1200.00. Note: Recommendation at the top. |
January 11, 2016