The metal inched a little further towards the 1,350.00 levels yesterday. Implications from here are to wait for a retracement towards the 1,290/1,300 levels before going long again. Immediate resistance is at the 1,350.00 levels, followed by 1,375.00, 1,410.00 and higher up; while major support begins from 1,250.00 levels, followed by 1,210.00 and 1,180.00 respectively. The 1,290.00 levels is confluence of:
1. Fibonacci 0.618 support of the recent rally from 1250.00.
2. Back side of the dropping trend line, which is support now.
3. A potential right shoulder of a possible head and shoulder reversal.
Trading recommendations:
Flat for now. Preparing to go long lower towards 1,290.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal inched a little further towards the 1,350.00 levels yesterday. Implications from here are to wait for a retracement towards the 1,290/1,300 levels before going long again. Immediate resistance is at the 1,350.00 levels, followed by 1,375.00, 1,410.00 and higher up; while major support begins from 1,250.00 levels, followed by 1,210.00 and 1,180.00 respectively. The 1,290.00 levels is confluence of:
1. Fibonacci 0.618 support of the recent rally from 1250.00.
2. Back side of the dropping trend line, which is support now.
3. A potential right shoulder of a possible head and shoulder reversal.
Trading recommendations:
Flat for now. Preparing to go long lower towards 1,290.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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