The precious metal gained 3.06% in the last three trading sessions, it is now getting closer to the resistance level at $23.169 which is at our 23.6% Fibonacci retracement. The price now trades above the short-term moving average and this could be a good indicator of an uptrend.
The Bollinger bands continue to close up and volatility should be lower in the upcoming trading sessions, the pair is trading closer to the upper band suggesting that the price is relatively high, however, the Relative strength index is only at 51% which will allow the pair to continue climbing in the short term.
Our parabolic SAR indicator suggests that the price will continue to move upwards in the short term. If the price managed to break the resistance it's likely that it will continue to move up.
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