Our main scenario foresees a further direct increase to the USD 1000–1040 range. The round 1000 mark, combined with the upper trend channel limit of the current short-term uptrend, is predestined to start a (at least short-term) consolidation. Accordingly, we expect a 1–2-month consolidation. However, this should not lead to lower than 920 USD.
Below 920 USD, there is a risk of a drop to the 800 USD range. However, this is currently our secondary scenario.
Should the current rally phase lead to 1040 USD, the rally will even accelerate. Targets on the upside are then difficult to define.
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