8-Hour Analysis:
Big Picture: The momentum remained strong throughout the session as buyers led the price towards higher levels. Buyers are currently strong and have the strength to maintain this trend. However, it would be much better if the price could re-test and rebound off the 19,800 levels. This would be a bullish confirmation and could pave the way for higher gains in sessions to come.
On the Upside price soared past the intraday barrier of 20,200 and came extremely close to the next resistance level, but fell just short. There are currently signs of partial profit-taking ongoing. Once this profit-taking stops, the price may regain momentum and re-test the 20,550-20,750 level once again. This range would have to be broken in order for the upside to continue into 21,200, then 21,880.
On the Downside price is now taking psychological support of 20,000 levels. However, beneath this is a critical support zone that will also act as a confirmation-based re-test. If price can find support in the 19,800-19,550 range and rebound back strongly, a much stronger move to the upside is possible. However, if this zone fails to provide support, the trend may become choppy again, with prices vulnerable towards the 19,250-18,900 range. Maintaining over 18,600, on the other hand, puts the aggressive bearish sentiment at bay.
