The precious metal is moving within a 4% price change range for the last eight trading sessions, the pair is currently trading below the short-term moving average, but above the long-term, indicating that the market is undecided. The price broke the 38.2% Fibonacci retracement at $24.84 but is struggling to even get close to the next resistance level at 25.65.
The Bollinger bands are closing which indicates a consolidation phase, the price is likely to continue trading within that range for the short to mid-term, once we have a breakout we will have a clear direction of the trend. The pair trades in between the bands, suggesting that the price is at a fair level at the moment.
The relative strength index is at 54% which would allow the price to move in either direction; however, the pair is on its second consecutive winning day which could start marking the trend direction for the short term in case of a breakout that ends the consolidation period.
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