After touching the 20-exponential moving average yesterday, the commodity settled back above the main descending resistance for the bearish direction, and that revives the possibilities of continuing the bullish move, on the other hand, indecisive price action through the combination of candlestick patterns while stochastic crossover negatively, thus we prefer to remain neutral today as well.
The trading range for today is expected among the major support at 102.80 and the major resistance at 107.60.
The short-trend trend is to the upside with steady daily closing above 99.60, targeting 116.50.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmation.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009