MarketPulse | Dec 30, 2013 02:29AM ET
Prices opened higher this morning, but bulls were quickly defeated with bears sending price packing much lower quickly, breaking the 1,210 soft support in the process and hitting a low of 1,207.5. At the time of writing, prices remain bearish, but a slight rebound is seen ahead of the test of resistance turned support around 1,207. Considering that there isn't any major global economic development over the weekend nor this morning, today's decline can only be attributed to the bearish momentum that started during US session last Friday. Hence, it is interesting to note that price manage to break the 1,210 level, and suggest that bullish momentum that has has been in play since 20th Dec may be reversing to a bearish one.
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