In chart terms, there is a cross-support level in the area of USD 480. This is where the rising trend line of recent years and a falling support line, which has already attracted buyers on several occasions, converge. Our main scenario envisages a renewed test at around USD 480–490, followed by the release of potential up to USD 580. The prerequisite for this is a sustainable rise above the EMA 200 at currently 526 USD.
A break of the 480 USD level would cast a distinctly bearish cloud over the chart picture. This would bring significantly lower targets into play.
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