The metal broke 1,270.00 and created fresh lows just around the 1250.00 levels. It is recommended to book profits on short positions taken earlier and await for a pullback to go short again. The short-term rally could possibly extend till 1,350.00, before reversing lower again. It is now encouraged to initiate short positions after a counter rally materializes. The short-term resistance is lined up from the 1,290.00/1,300 levels, through 1,325/30, 1,350 and 1,375.00; while support begin from 1,210.00, followed by 1,180.00 respectively. The 1,440.00 level should act as the major intermediary resistance for now. A possible downfall below 1,180.00 may be unfolding now.
Trading recommendations:
Book profits on short positions. Aggressive trading setup is to go long, with stop at 1,245.00, target is at 1,340.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal broke 1,270.00 and created fresh lows just around the 1250.00 levels. It is recommended to book profits on short positions taken earlier and await for a pullback to go short again. The short-term rally could possibly extend till 1,350.00, before reversing lower again. It is now encouraged to initiate short positions after a counter rally materializes. The short-term resistance is lined up from the 1,290.00/1,300 levels, through 1,325/30, 1,350 and 1,375.00; while support begin from 1,210.00, followed by 1,180.00 respectively. The 1,440.00 level should act as the major intermediary resistance for now. A possible downfall below 1,180.00 may be unfolding now.
Trading recommendations:
Book profits on short positions. Aggressive trading setup is to go long, with stop at 1,245.00, target is at 1,340.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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