The 4H chart depicts that the metal has formed a new channel resistance after breaking the primary trend line; and is currently drifting lower. The potential downside extensions ate 1,178.00 and 1,156.00 for now. Resistance begins from 1,245.00, followed by 1,252.00 and 1,270.00; while support is 1,180.00. It is recommended to refrain from buying at the moment and instead sell rallies through 1,220/25 levels for now. The maximum downside potential still remains through 1,050/40 levels; which was past resistance (2008); and shall be support now. Keep watch at 1,150.00 levels though.
Trading recommendations:
Flat for now. 1,252/53 is resistance.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The 4H chart depicts that the metal has formed a new channel resistance after breaking the primary trend line; and is currently drifting lower. The potential downside extensions ate 1,178.00 and 1,156.00 for now. Resistance begins from 1,245.00, followed by 1,252.00 and 1,270.00; while support is 1,180.00. It is recommended to refrain from buying at the moment and instead sell rallies through 1,220/25 levels for now. The maximum downside potential still remains through 1,050/40 levels; which was past resistance (2008); and shall be support now. Keep watch at 1,150.00 levels though.
Trading recommendations:
Flat for now. 1,252/53 is resistance.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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