The price of the commodity rose in the previous days after US GDP data came in lower than expected. As a result of bank deposits insured by the FED, fears of bankruptcies of smaller banks have subsided. The Fed requested an increase in funding for the Federal Insurance Corporation to increase the limits on insured bank deposits. All this resulted in an increase in the price. Now the price on the H1 chart is moving above the local support and below the key resistance level. After the bounce from the support, we expect an increase towards the resistance, where our target price is also located.
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.