As shown on the today’s H4 chart, the metal is stabilizing below the Resistance level of 16.50 after its failure to break the Support area today. Currently, we should wait for closing below the Support level of 16.00 and closing below to get the bearish move opportunity. In that case, we will get a good chance to sell below the Support level till the price tests the next Support level of 15.50. Therefore, we can consider our first target few pips above this Support level, but as long as the price is above the Support area and the upward trendline, this cancels the bearish move scenario.
Resistance and support levels: R3 (17.00), R2 (16.75), R1(16.50), S1 (16.00), S2 (15.50), S3 (15.20)
The material has been provided by InstaForex Company – www.instaforex.com
Overview
As shown on the today’s H4 chart, the metal is stabilizing below the Resistance level of 16.50 after its failure to break the Support area today. Currently, we should wait for closing below the Support level of 16.00 and closing below to get the bearish move opportunity. In that case, we will get a good chance to sell below the Support level till the price tests the next Support level of 15.50. Therefore, we can consider our first target few pips above this Support level, but as long as the price is above the Support area and the upward trendline, this cancels the bearish move scenario.
Resistance and support levels: R3 (17.00), R2 (16.75), R1(16.50), S1 (16.00), S2 (15.50), S3 (15.20)
The material has been provided by InstaForex Company – www.instaforex.com
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