The metal was affected by the technical harmonic formation that could be the bullish harmonic Gartly Pattern last Friday. But the upside move was mild and the price failed to stabilize above Linear Regression Indicator 34 and 55 and above the resistance 1280.30, where we cannot be neutral for this week without stabilizing above it.
From the downside, 1252.15 represent a support that should be broken to confirm extending the downside move towards 1240.20 and 1226.60, and we will not risk and become negative without breaking the latter. Hence, we remain neutral in our weekly report and recommend referring back to this report later for new confirmation signals. Currently, Linear Regression Indicators, MACD and AROON are negative, but Stochastic is moving in an upside move forcing us to prefer the sidelines.