The yellow metal seems to have taken intermediary support at 1440.00 for now. Currently trading at 1475.00, the metal could target 1500.00 on a break above 1480.00. It is recommended to refrain from buying at current levels, and better to wait for a dip towards 1420/00. Resistance is strong at 1500/20 region and traders are encouraged to prepare going short there. The higher up resistance levels are 1580/85 and 1600 on this chart view. Support is around 1400/20 region ( the 0.618 fibonacci level of rally between 1320 and 1480), followed by 1350 and 1320 respectively. Weekly charts indicate 1290/1300 levels and possibly 1150.00 to be support lower. Bottomline: buy on dips towards 1400/30 region.
Trading recommendations:
Buy between 1400/30 region, stop at 1315.00, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart settings:
The yellow metal seems to have taken intermediary support at 1440.00 for now. Currently trading at 1475.00, the metal could target 1500.00 on a break above 1480.00. It is recommended to refrain from buying at current levels, and better to wait for a dip towards 1420/00. Resistance is strong at 1500/20 region and traders are encouraged to prepare going short there. The higher up resistance levels are 1580/85 and 1600 on this chart view. Support is around 1400/20 region ( the 0.618 fibonacci level of rally between 1320 and 1480), followed by 1350 and 1320 respectively. Weekly charts indicate 1290/1300 levels and possibly 1150.00 to be support lower. Bottomline: buy on dips towards 1400/30 region.
Trading recommendations:
Buy between 1400/30 region, stop at 1315.00, target open.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
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