On Wednesday morning the yellow metal was in a decline down to the 1,290 mark. The reason for that from a technical perspective could be explained by the fact that the commodity price had overextended its gains. Such a fact is hinted by the fact that the only notable resistance, which the metal faced, when it changed its direction, was the upper Bollinger band of the hourly chart. Most likely this is the beginning of a short consolidation, as the metal had been trading in limbo between the various support levels that were providing resistance on Tuesday. Due to these reasons combined the previous target of the weekly R3 near the 1,307 mark remains intact. However, market participants should watch closely, where the rebound occurs
