Morning Report

The metal returned now to test the previously breached support level which turned into resistance now at 31.25. RSI attempts to breach the 50-point level, while MACD turned positive. Despite the positive bias, but consolidation below 31.25 negates the positivity, while consolidation above 30.40 prevents us from suggesting a downside movement. In result, we remain neutral today.

The trading range for today is among the key support at 29.60 and key resistance now at 32.10.

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

 
Support31.0030.8030.4029.9029.60
 
Resistance31.2531.6031.8032.1032.50
 
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations