The metal pulled back from the 0.382 fibonacci resistance at 20.40/50 levels for now. Though further upside cannot be ruled out completely, 21.50 would be the level to watch for major resistance as it is the 0.618 fibonacci retracement. Also, the channel line resistance would be passing through 21.50 in 1-2 days time. It is recommended to remain flat for now and watch reaction at 21.50 before committing short positions. Resistance is spread through 21.50, 22.00, 23.00 and 25.00; while support is fixed at sub 18.00 levels respectively. On the flip side, if 19.00 level is broken now; it would be confirmed that the metal is targeting 17.50 levels.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal pulled back from the 0.382 fibonacci resistance at 20.40/50 levels for now. Though further upside cannot be ruled out completely, 21.50 would be the level to watch for major resistance as it is the 0.618 fibonacci retracement. Also, the channel line resistance would be passing through 21.50 in 1-2 days time. It is recommended to remain flat for now and watch reaction at 21.50 before committing short positions. Resistance is spread through 21.50, 22.00, 23.00 and 25.00; while support is fixed at sub 18.00 levels respectively. On the flip side, if 19.00 level is broken now; it would be confirmed that the metal is targeting 17.50 levels.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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