Current price: 52980
Key point: 53300
Our preferred strategy: Buy positions above 53300 with a first target of 52860 and then a second target of 52650.
Alternative scenario: Stop loss and trend reversal upon breaking the 53345 level, targeting the 53750 level.
Technical commentary
The price is currently trading below the 200-period moving average on the four-hour timeframe and below the pivotal resistance level of 53300. A continuation of this decline is expected towards the 52860 level, and if this level is broken, it will target the 52650 level.
