As shown from the today’s H4 chart, the metal is stabilizing above the support level of 19.50 after its failure to break last week. Currently, we must wait for re-testing the Support level again and closing below to get the bearish move opportunity according its rebound from the resistance level of 19.85. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 19.20. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 19.50, this cancels the bearish move scenario.
Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.85), S1 (19.50), S2 (19.20), S3(18.75).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown from the today’s H4 chart, the metal is stabilizing above the support level of 19.50 after its failure to break last week. Currently, we must wait for re-testing the Support level again and closing below to get the bearish move opportunity according its rebound from the resistance level of 19.85. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 19.20. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 19.50, this cancels the bearish move scenario.
Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.85), S1 (19.50), S2 (19.20), S3(18.75).
The material has been provided by InstaForex Company – www.instaforex.com
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