The metal triggered stop (at 1,250.00) on long positions taken earlier. At the moment, the metal is at 0.786 retracement level of the entire rally between 1,180.00 and 1,440.00; around 1,234.00 region. It is recommended to remain flat for now and await a reaction here. A break of 1,230.00 levels would prove to be further bearish for the counter, possibly towards 1,210.00 and 1,180.00 levels; which are support levels for now. Resistance is seen at 1,280.00, followed by a strong level at 1,370.00 respectively. On the other hand, a bullish reversal in daily chart view here would warrant buying on dips from there on.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal triggered stop (at 1,250.00) on long positions taken earlier. At the moment, the metal is at 0.786 retracement level of the entire rally between 1,180.00 and 1,440.00; around 1,234.00 region. It is recommended to remain flat for now and await a reaction here. A break of 1,230.00 levels would prove to be further bearish for the counter, possibly towards 1,210.00 and 1,180.00 levels; which are support levels for now. Resistance is seen at 1,280.00, followed by a strong level at 1,370.00 respectively. On the other hand, a bullish reversal in daily chart view here would warrant buying on dips from there on.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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