The metal is now moving above the descending channel, which has already been breached, and is also in a strong buying area above the 50 and 200 EMA, and thus it can continue the rise to 1790.
Looking at the technical picture, the overnight goodish rebound from the $1,765-60 strong resistance breakpoint, now turned support, stalled near the $1,790 region. This comes on the back of the recent failures near the $1,800 mark and suggests that the recent strong recovery from multi-month lows, around the $1,677-76 region might have already run out of steam.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.