The precious metal fell below the support level at the 23.6% Fibonacci retracement on yesterday's session but managed to recover some of the lost ground and is fighting to complete the breakout at $21.82.
The Bollinger bands are closing up which will lower the volatility we’ve seen in previous trading sessions. The pair is trading in between the bands, suggesting that the price is at a fair level. There is a chance that the price could enter a consolidation phase as it is bouncing and the bands are shrinking.
The relative strength index is at 44% which would allow the pair to move in either direction as it is very neutral. The price currently trades slightly above the short-term moving average but below the long-term line. Our parabolic SAR indicator suggests that the price is likely to move downwards in the upcoming sessions.
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