The precious metal broke three resistance levels in the last 16 days, the price is looking for support at the $1,737 levels, but it could sink to the $1,728 level at our 78.6% retracement. The pair continues a general downtrend that started earlier this month.
The Bollinger bands are wide; they are moving downwards, indicating a downtrend continuity for the short to mid-term; the price is getting closer to the lower band but is not yet close enough to be considered low, which is not good for the commodity.
The relative strength index is at 39%, not oversold yet, which would allow the price to continue falling in the following sessions. Our parabolic SAR indicator suggests that the downtrend will continue.
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