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From a technical standpoint, oscillators on the daily chart are showing positive momentum.
Positive signals are also present on the four-hour chart, including a rebound from the 100-period Simple Moving Average (SMA), which favors the bulls. However, today's failure to break through the psychological $3400 level makes it prudent to wait for a sustained move above this threshold before building further long positions.
A breakout above $3400 could lift the price toward the $3435 resistance level. If this level is breached, it would pave the way for a retest of the all-time high near the psychological level of $3500, which was reached in April.
On the other hand, the $3350 level—coinciding with the 100-period SMA on the four-hour chart—serves as strong support. A decisive break below this level could trigger technical selling and expose the price to an accelerated decline toward the intermediate support at $3330, on the path to the psychological level of $3300. A move below this latter level would open the door to a test of the monthly low near $3268, which was reached last week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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