The metal provided 4-hour closing below 29.05, which negated our positive expectations yesterday, however, the metal returned to trade within the sideways range shown above in Pink. This movement drives us to turn neutral today, where the metal is attempting to turn negative, yet the downside movement doesn't last long and the metal returns to the sideways range. The Relative Strength Index is trading below 50 points, while Stochastic is mixed yet negatively biased. All these factors together drive us to remain neutral today.
The trading range for this week is among the key support at 27.15 and key resistance now at 32.10
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
|Recommendation||Based on the charts and explanations above, we remain neutral today, awaiting more confirmations|