The metal was spotted in a corrective phase to a prior 5 wave rise it had displayed from Oct 2023-Nov 2023.
The corrective structure still looks incomplete though.2200 is the support area for this commodity and also the area from which the next leg up towards 2350 is expected to begin.
You can also witness the classis price-volume relation on this chart. Volume going up when price goes up and Volume declining with price falling which is a bullish sign as it shows the direction of market participation is up not down.
Note*-This is not a buy/sell advice. Chart is based on personal observations/opinions.
The corrective structure still looks incomplete though.2200 is the support area for this commodity and also the area from which the next leg up towards 2350 is expected to begin.
You can also witness the classis price-volume relation on this chart. Volume going up when price goes up and Volume declining with price falling which is a bullish sign as it shows the direction of market participation is up not down.
Note*-This is not a buy/sell advice. Chart is based on personal observations/opinions.
Comment:
Price has reached the mentioned 2200 support and can begin rising soon from here.