The precious metal started gaining ground in mid-May but found strong resistance close to the 38.2% Fibonacci retracement at $22.66. The pair is currently trading between the short and long-term moving averages.
The Bollinger bands are slightly opening and starting to move upwards, suggesting that the recovery could continue in the upcoming trading sessions. The pair found resistance at the upper band on previous sessions and retraced. We believe that the support at $21.82 is strong enough to hold on further losses.
The relative strength index is at 47%, a very neutral level that will allow the pair to move in either direction in the short to medium term. Our parabolic SAR indicator suggests that the price is likely to move upwards.
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