If it does not mange to hold 1071.43 levels, then the test 1060 areas would be a certain event the weeks to come.
Today it has made an attempt of jump to clear 10DMA at 1074.78 (day high) but bears could not resist to hold these levels to push it southward at 1071.40 (spot) slipping below 10DMA again.
The precious metal has been losing its shine after tumbling consecutively from last couple of weeks but as stated in our earlier post after breaking all crucial support zones (1096, 1087 and 1070 levels), we are not seeing any sense of bouncing back.
confirms continuation: The pair at this psychological juncture testing supports, while still evidences downward convergence with sharp declines both on weekly and (Currently, trending around 49.1758 while articulating), so this indicator justifies current prices dips.
supports momentum: To substantiate these price slumps, slow curves view on weekly charts signifies to remain in sync with the standpoint offered by . %D line crossover is maintaining even below 20 levels which is oversold zone bolsters more selling pressures, (Currently, %D line is at 6.7009 and %K at 5.1144 while articulating).
Hence, contemplating above technical indications, it is advisable to short rallies for targets of 1064.69 or even up to 1060.85 levels with strict stop loss of 1074.50 levels.