Fundamental Reports

The upside wave that was created was inline with our expectations where it failed to breach the 777.50 which is the pivot point separating the two trends. We see more complications now as the metal is currently trading near a key resistance and is overbought on the Stochastic indicator. From there, trading must be cautious as the 777.50 level will either determine a strong upside move or a downside trend as we expect on the medium term.

The trading range for today is among the key support at 721.80 and the key resistance at 807.10.

The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60.