The metal was on the way up to $1,296 and closed at the $1,289.20 level. The metal breached the 100Dsma and 20Dsma in intraday basis, but failed to close above those levels. Today, the metal opened above the previous close, which resulted in strong opening with open lower strategy. It is facing strong resistance at $1,295.50 on closing basis. For the last 3 days, we have been recommending to buy.
Our scenario was about a daily close above $1,285 and that the near-term sharp run would take place. - Done
If it closes above $1,285, it can fly up to $1,295, $1,300 and $1,306 in the near term. So, $1,295 has been hit.
For an hourly trading view, the metal pries are closed above key hourly moving averages 35DEMA and 12ema. The metal has support at $1287.50, $1,285, $1,284, and $1,282.
The most probable scenario is the following. A weekly close is expected above $1,292. Strong move is likely to happen soon.
The material has been provided by InstaForex Company - www.instaforex.com
