Formation – , head and shoulder on
Resistance - $1249.10, $1263, $1271
Support - $ $1235, $1227.12, $1217
- Double bottom breakout on the hourly chart has opened doors for a drift lower to $1240-1238 levels and adds increases the likelihood of the metal completing head and shoulder formation.
- The head and shoulder neckline is seen around $1217 levels.
- Drop in oil and resulting risk aversion and rise in demand for the safe haven treasuries (which offer positive yield) could weigh over metal.