Trading stabilized below the uptrend line from A to C points of the bearish harmonic butterfly pattern. Thus, the bearishness is sill in favor, whilst Stochastic is definitely negative. Levels of 29.05 still prevents the metal from moving downwards but a four hour closing below it will ease the path for moving to the downside.
The trading range for today is among the key support at 27.85 and key resistance now at 30.00.
The general trend over the short term basis is to the downside targeting $ 22.95 per ounce as far as areas of 29.80 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling around 29.30 targeting 27.85 and stop loss with a four hour closing above 29.85 might be appropriate.|