The metal opened gap down today and is pulling back at the moment. Expect this pullback to continue for a while before it reverses lower for a continued counter trend. Resistance region is 1435/40 for now and a lower high ahead is expected to be formed today or tomorrow. It is recommended to remain short for positions taken earlier and also look to sell the rally at reversal before 1432/35. The fibonacci confluence and trend line support points at 1340/50 region, for the next bullish reversal. A break below the support line would warn against turning too bullish. At the moment, looking lower at least towards 1340/50.
Trade Recommendations:
Remain short, stop around 1445/50.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical Outlook and Chart Setups:
The metal opened gap down today and is pulling back at the moment. Expect this pullback to continue for a while before it reverses lower for a continued counter trend. Resistance region is 1435/40 for now and a lower high ahead is expected to be formed today or tomorrow. It is recommended to remain short for positions taken earlier and also look to sell the rally at reversal before 1432/35. The fibonacci confluence and trend line support points at 1340/50 region, for the next bullish reversal. A break below the support line would warn against turning too bullish. At the moment, looking lower at least towards 1340/50.
Trade Recommendations:
Remain short, stop around 1445/50.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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