The yellow metal ran up to $1,290 and closed at $1,280.60. It has been consolidating for the last 5 days. Today, the metal opens above previous close, which resulted in strong opening. It is facing strong resistance at $1,285 on closing basis. As we recommended yesterday, the metal touched our targets and came back.
If a daily close is above $1,285, the near-term sharp run will take place. - pending
If it closes above $1,285, it can fly up to $1,295, 1300, and 1306 in the near term.
For an hourly trading view, the metal prices are closed above key hourly moving averages. The metal has support at $1,282, $1,279.80, and $1,276.50.
The material has been provided by InstaForex Company - www.instaforex.com
