The recent developments on the chart for the yellow metal have pressured for a review of the situation. First of all it has to be noted that a hypothetical ascending channel pattern has been drawn by using as a reference point the recent rebound. The junior channel is a representation of the rebound against the lower trend line of a long term channel up pattern. The commodity price is heading for the resistance of the 23.60% Fibonacci retracement level, which is located at the 1,297.83 level. The relevant Fibonacci retracement levels are measured by connecting the 2016 high and the 2015 low levels.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1,295.82 | Trend line | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 1,293.85 | Weekly R2 | RSI (14) | Sell | Neutral | Neutral | ||
| R2 | 1,291.60 | Monthly R1 | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 1,286.87 | Weekly R1 | ADX (14) | Buy | Neutral | Neutral | ||
| S1 | 1,273.06 | Weekly PP | CCI (14) | Sell | Sell | Neutral | ||
| S2 | 1,266.08 | Weekly S1 | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1,264.21 | 55-period SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 1,262.54 | Trend line | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |