The precious metal found strong resistance at $1,869, the pair momentarily broke the barrier but was not able to hold the gains during the trading session. The pair is currently trading below the short and long-term moving averages, suggesting a downtrend; however, this is likely to change once the moving averages settle as they are likely to continue moving downwards.
The Bollinger bands are narrower and we expect volatility to be lower in the upcoming trading sessions, the bands have been relatively steady for the last four sessions. The pair trades in between the bands, suggesting that the price is relatively fair level.
The relative strength index is at 44% which will allow the price to move in either direction before entering an overbought or oversold status. Our parabolic SAR indicator suggests that the price is likely to move downwards in the short term.
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