Break of the 4000 level at the start of Q3 saw sharp gains through resistance at the 4400 level and the 4450, October 2024 year high.
Break of the 4000 level at the start of Q3 saw sharp gains through resistance at the 4400 level and the 4450, October 2024 year high.
Pushed above these has seen further gains to retrace 50% of the 2021/2024 losses to reach 4520 level. Prices has since settled back to consolidate the strong rally from the April low. However, bullish structure from the 3108 and 3145, the double bottom of the 2024 year lows, suggest room for further gains within the broad rising channel from the 2008 year low. Break above the 4520 Fibonacci level will see room to target support turned resistance at 4665, the 2021 year low. Higher still, will see extension to 4852, 61.8% Fibonacci level, and 4885 resistance then the 5000 psychological level.
Meanwhile, support is at the 4200, high of November 2024. Below this will open up room for deeper correction to the 4100 level and extending to the 4000 congestion.
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