The metal fell down to the expected region between 1,290/1,300 before bouncing back sharply. As recommended earlier the metal has been bought in full capacity and long positions should be held for an upside extension 1,400/30 levels at least. Intermediary support region is 1,250.00, followed by 1,210.00 and 1,180.00; while resistance levels are spread through 1370/75 levels, followed by 1410.00 and higher up to 1440.00 respectively. The overall structure looks set to unfold as a head and shoulder reversal, with right should being carved out at 1290/1300.
Trade Recommendations:
Remain long, stop 1260.00, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal fell down to the expected region between 1,290/1,300 before bouncing back sharply. As recommended earlier the metal has been bought in full capacity and long positions should be held for an upside extension 1,400/30 levels at least. Intermediary support region is 1,250.00, followed by 1,210.00 and 1,180.00; while resistance levels are spread through 1370/75 levels, followed by 1410.00 and higher up to 1440.00 respectively. The overall structure looks set to unfold as a head and shoulder reversal, with right should being carved out at 1290/1300.
Trade Recommendations:
Remain long, stop 1260.00, target open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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