broke its topside resistance in early February of this year, the 400 EMA
(on a daily basis) has provided very strong support. In June, prices tagged this level and price began to rally in earnest. We have again tagged this level last Friday and the $1250 area is now showing very strong support and physical buying interest. For time being, we have to remain bullish
as long as the 400 EMA
level continues to hold on a daily closing basis.