As seen here, after printing fresh lows since last few trading sessions, the metal has finally produced a bullish reversal signal (Tweezer Bottom) around sub 26.00 level. Considering this region as the support band for several months, it is recommended to initiate fresh long positions now (26.90/95). Support is just around 26.00 level, while resistance is spread from 28.50 (intermediary), 29.30/50, 30.30 and higher up. A rally from here should initially target 28.50 and 29.30/50. This rally would break the sloping downtrend line and release prices into the buy zone. Thereafter, the metal could be bought again on dips towards 28.30/50 levels at back side of the resistance line.
Trading recommendations:
Enter long positions, (26.90/95), stop is at 25.95, and target is at 29.30.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
As seen here, after printing fresh lows since last few trading sessions, the metal has finally produced a bullish reversal signal (Tweezer Bottom) around sub 26.00 level. Considering this region as the support band for several months, it is recommended to initiate fresh long positions now (26.90/95). Support is just around 26.00 level, while resistance is spread from 28.50 (intermediary), 29.30/50, 30.30 and higher up. A rally from here should initially target 28.50 and 29.30/50. This rally would break the sloping downtrend line and release prices into the buy zone. Thereafter, the metal could be bought again on dips towards 28.30/50 levels at back side of the resistance line.
Trading recommendations:
Enter long positions, (26.90/95), stop is at 25.95, and target is at 29.30.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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