After breaching the ascending support and 31.25 level yesterday and hitting our short target at 30.75, the metal slipped to reach a low at 30.37 before rebounding again to trade above the support level and within the minor channel shown on chart, thus invalidating the potential downside breakout. For now we would love to see a breach of the multiple descending resistances before confirming any upside move, and that's due to the fluctuating stance that has been dominating the metal's behavior within the recent period. Therefore, we will remain on the sideline for this morning awaiting a potential entry signal either side.
The trading range for the day is among the key support at 29.00 and key resistance now at 33.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
Weekly ReportSupport31.7531.5031.2530.7530.35Resistance32.1032.3232.6033.0033.45RecommendationBased on the charts and explanations above, we recommend staying aside awaiting more confirmations.