The metal continues trading within the main ascending channel over medium term basis, and lately it breached the neckline for a continuation bullish pattern at 560.00 signaling that trading is to continue within the ascending channel.
The targets for the bullish pattern reside with the channel’s resistance around 590.00, and after a successful retest for the neckline we expect the metal to continue towards the targets. Stochastic provided a positive crossover supporting the bullishness, while the 100 MA supports the channel from below. In general, we expect further upside movement over short term basis which requires steady daily closing above 560.00.
By: Yasir Mubarak
Senior Technical Analyst