The precious metal lost 2.9% in two trading sessions; it is currently trading slightly above its support level at our 23.6% Fibonacci retracement; there is a chance the metal could find strong support in the short term.
The Bollinger bands are closing up; the price is trading in between them, indicating that it is at a fair price. The lower band is moving up, which suggests that the pair could recover some ground.
The relative strength index is at 46%, which gives the pair enough room to move in either direction but is more likely to move up due to other technical indicators signals.
The short-term moving average moves up aggressively after the pair gained 3.36% just a few sessions ago, but this will stabilize in the upcoming sessions; if the pair can gain strength and move up, there could be a crossing soon.
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