The precious metal is entering a consolidation period and trades within a 2% range between the 38.2% and 50% Fibonacci retracement, the price trades below the short-term moving average line but above the long-term one.
The Bollinger bands are wide but they are starting to move downwards, which indicates a possible downtrend, the support level is at $1,912 while we found resistance at $1,949, and the price might continue to move sideways in the short term.
The relative strength index is at 50% which will allow the pair to have a breakout in either direction in the medium term, the price is very likely to continue moving in the direction of the potential breakout. Our parabolic SAR indicator suggests that the price will start a downtrend in the short term.
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