The support and the resistance are identified respectively as the 14.6 percent and the 7 percent retracements on the uptrend from $1,159.96 to $1,298.42.
Bears were unable to push the metal below this support. The indications are either the uptrend from $1,159.96 has not reversed, or the bounce triggered by the support has not completed.
A break above $1,289 could confirm an extension of the uptrend towards $1,298, while a break below $1,278 could cause a loss to $1,266.
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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.