04 Nov - 08 Nov Weekly View

After previous weeks fall, the price is trading in a range of 31850 (USD 1320) and 31560 (USD 1308) Monday and today as of now. The gain it made the week before is totally wiped off last week. Last week's tumble from the multi-test 32794 (USD 1360) level found support at around 31492 (USD 1306), the around 50 % retracement of the uptrend started from Nov 2008 to Sept 2011. Another important level and eye is kept at is 30262 (USD 1255). Our view for now is, if the price finds support at around the level it is now, the 30262 (USD 1255) level will become a higher low off of the previous low of 28453 (USD 1180) and if the momentum is supported by RSI breaking the current 48 level resistance we should see further upside test. But if the current level fails, tests the 30262 (USD 1255) level and breaks below, the view will be different as the RSI resistance will be held by the 48 level and see a retest of 28453 (USD 1180) level. How that level reacts when the price gets there would tell what would happen next after that.