The precious metal suffered a 9.42% loss before finding support strong enough to hold the fall, since then, the pair managed to recover 2.2% in the last two trading sessions. The price is entering the Ichimoku cloud, which is often seen as market uncertainty.
The Bollinger bands are wide and they continue to open up almost symmetrically, this indicates that volatility is likely to be high in the short term. The pair traded in between the bands suggesting that the price is relatively fair.
The relative strength index is at 44% which will allow the pair to make an attempt to break the resistance level at 23.16 in our 23.6% Fibonacci retracement, if the breakout is completed we would expect the price to continue climbing to the $24 levels.
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