The metal has raised past through the first resistance and measured extension level at 1,290/91 today. It is recommended to book 80% profits on the long positions taken earlier. Hold on to the remaining positions for another upside target at 1,320.00 levels. For now, the metal could re-trace towards 1,250/60 levels again before rallying further up. Fresh long positions are suggested during retracements. Resistance at 1,300.00 levels has been just left shy by a few points. Support is strong at 1,210/20 levels, followed by 1,180.00 on the lower side. Looking into the larger picture, please note that a major bottom might have possibly formed at 1,180.00 levels. A push above 1,320.00, towards 1,380/1,400 would confirm the same.
Trade recommendations:
Book maximum profits for now, next target 1,320.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal has raised past through the first resistance and measured extension level at 1,290/91 today. It is recommended to book 80% profits on the long positions taken earlier. Hold on to the remaining positions for another upside target at 1,320.00 levels. For now, the metal could re-trace towards 1,250/60 levels again before rallying further up. Fresh long positions are suggested during retracements. Resistance at 1,300.00 levels has been just left shy by a few points. Support is strong at 1,210/20 levels, followed by 1,180.00 on the lower side. Looking into the larger picture, please note that a major bottom might have possibly formed at 1,180.00 levels. A push above 1,320.00, towards 1,380/1,400 would confirm the same.
Trade recommendations:
Book maximum profits for now, next target 1,320.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: