This key level at $32.60 per ounce has served as a major cross-over point to identify short-term strength or weakness on the chart. With the move higher representing an approach to the level once again, traders will be watching for a break above the level to add bullish weight to the chart analysis. If the current rally does indeed follow through, it would leave a tight reversal formation on the longer term chart and invite a move towards the previous swing highs near the $35.00 per ounce level.

Conversely, a retest of the $32.60 key level followed by a pullback would suggest another failed retest. This would reaffirm the strength of the resistance and encourage downside momentum to accelerate on another move towards the $30 per ounce handle in the near term.
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