There has been structurally no change in the counter since yesterday. It is very much recommended to hold long positions initiated yesterday and buy more around the 21.00 levels. It is the fibonacci 0.618 retracement of the rally between 20.50 and 23.00. Intermediary support is at 20.50, followed by 19.00 and sub 18.00 levels; while resistance is spread through 23.50, followed by 24.50 and higher respectively. The metal might have reversed in the long term, and 21.00 levels if reached, it would be the potential right shoulder of the possible inverted head-and-shoulder reversal.
Trading recommendations:
Remain long, set stop below 20.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
There has been structurally no change in the counter since yesterday. It is very much recommended to hold long positions initiated yesterday and buy more around the 21.00 levels. It is the fibonacci 0.618 retracement of the rally between 20.50 and 23.00. Intermediary support is at 20.50, followed by 19.00 and sub 18.00 levels; while resistance is spread through 23.50, followed by 24.50 and higher respectively. The metal might have reversed in the long term, and 21.00 levels if reached, it would be the potential right shoulder of the possible inverted head-and-shoulder reversal.
Trading recommendations:
Remain long, set stop below 20.50, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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