MorningReport

We recognize some positive signs such as stability above the main support of the ascending channel and also above 34.65, which has been previously the top of the sideway range and turned into support now, are. Furthermore, the metal is stable above EMA 50. But on the other hand, the long bearish candlestick seen on Wednesday in addition to the attempts by Stochastic to provide a negative crossover are reasons prevent us from confirming the mentioned positivity. Consolidaiton below 35.75 is negative. Therefore, we remain neutral today, awaiting more confirmations.

The trading range for today is among the key support at 32.80 and key resistance now at 37.40.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

***New York Candlesticks***

Previous Report

Weekly Report

Support34.6534.4034.0033.7533.50
Resistance35.7536.2036.6036.8037.40
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations