The metal rallied above the resistance levels at 1,350.00 last week. This indicates that bulls remain in control now, and we should buy on any meaningful dips from here on. Levels of interest are 1,280-1,300 to enter long positions. As depicted here, the short-term support line is still intact and for prices to produce a meaningful retracement, the trend line needs to break. It is recommended to remain flat for now and await for the pullback to materialize lower. Initiating short positions now would be too risky. Please also note that the fibonacci 0.618 support is also passing through the 1,290.00 area.
Trading recommendations:
Flat for now. Looking to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal rallied above the resistance levels at 1,350.00 last week. This indicates that bulls remain in control now, and we should buy on any meaningful dips from here on. Levels of interest are 1,280-1,300 to enter long positions. As depicted here, the short-term support line is still intact and for prices to produce a meaningful retracement, the trend line needs to break. It is recommended to remain flat for now and await for the pullback to materialize lower. Initiating short positions now would be too risky. Please also note that the fibonacci 0.618 support is also passing through the 1,290.00 area.
Trading recommendations:
Flat for now. Looking to buy lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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