According to our yesterday’s expections, the price closure below the Support level of 16.50 would give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level trading below while it is approaching the next support level. Then, the metal must test the Support level of 16.00 to get more bearish move till reaching 15.70 as the second target. On the other hand, the metal’s rebound from the Support level of 18.90 cancels the bearish scenario.
Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)
The material has been provided by InstaForex Company – www.instaforex.com