The metal is approaching its first measured extension close to 21.00 for now. It is recommended to hold on to long positions taken earlier. An intermediary resistance at sub 20.00 levels has been broken, hence a pullback can be expected towards 19.70/80 levels before further resumption upwards. That should be considered as an opportunity to go long again. Higher up resistance is at 22.50, while support is strong now at 18.60/70, followed by 18.25 respectively. The overall structure may be a 3 wave correction before the downswing resumes. But a push above 22.50 would confirm a reversal here.
Trade recommendations:
Hold on to long positions, move stop to 18.50 levels, target 21.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The metal is approaching its first measured extension close to 21.00 for now. It is recommended to hold on to long positions taken earlier. An intermediary resistance at sub 20.00 levels has been broken, hence a pullback can be expected towards 19.70/80 levels before further resumption upwards. That should be considered as an opportunity to go long again. Higher up resistance is at 22.50, while support is strong now at 18.60/70, followed by 18.25 respectively. The overall structure may be a 3 wave correction before the downswing resumes. But a push above 22.50 would confirm a reversal here.
Trade recommendations:
Hold on to long positions, move stop to 18.50 levels, target 21.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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