The metal plummeted on Friday, forming a long black candlestick pattern. The closing was achieved negatively, below the support-turned into resistance- at 22.20 and below moving averages too. A retest of the above mentioned broken support might be seen before resuming the main downtrend this week, chiefly targeting 20.25 zones. The SMA 50 at 23.25 could be the ceiling for bears over upcoming sessions.
Support: 21.50, 21.00, 20.80, 20.25, 20.00
Resistance: 22.10, 22.55, 22.85, 23.10, 23.35
Recommendation Based on the chart and explanations above, we believe that selling the metal around 22.10 targeting 20.25 and stop loss at 23.30 could be appropriate this week.
Support: 21.50, 21.00, 20.80, 20.25, 20.00
Resistance: 22.10, 22.55, 22.85, 23.10, 23.35
Recommendation Based on the chart and explanations above, we believe that selling the metal around 22.10 targeting 20.25 and stop loss at 23.30 could be appropriate this week.