Please refer to my previous live market analysis on this commodity where recommended buy at 1.618. Plotted is my wonderful indicator Rekhi144 which shows it has made a solid base at this price and closed at around 1.65. You can vouch that it is still in bearish mode because of following reasons:
(i) There is imbalance in left and right shoulders.
(ii) price closed under 100 SMA and 200 SMA.
(iii) it will take around 5 hours on Monday for the price to come in balance.
(iv) Then at least 3 hours next for price to close above 1.618 and make right shoulder heavier than left shoulder.
Short term target 1.71.
Conclusion: For the simplicity of understanding of all of us; at 4:30 price should be above above 100 SMA with 18 SMA cutting 36 SMA from below. If this is not the situation, wait for the evening session. I will keep you posted about the same.
Disclaimer: I am not a registered analyst with any of the National/ International agency. This is only for the educational purposes. Please consult your financial advisor before making any decision. I will not be responsible of any of your profits or losses.
Let you grow, May! I follow you.
Thank you