The recovery move which started last week is still in progress. However, the up-move stalled in the 1190 area where the yellow metal faced a decent resistance. Buyers failed to move beyond the level and retreated to 1185 where they regained control and sent the prices to weekly highs. The spot extended its near-term upward trajectory to the 1195 mark in the night. The moving averages maintained a strong downward slope. MACD is growing in the negative territory. RSI is overbought. The resistance resides at 1200, the support comes in at 1190.
We believe that bulls will remain in the driver's seat and will move up to 1200 later the week.