The metal has staged an impressive rally towards 22.20/30 levels till now. The 20.50 region should be past resistance turned support for the time being. A final push higher towards 22.50 would be required to confirm a major bullish reversal though. Resistance is at 22.50/23.00 levels, while support is at 19.20 and lower for now. Hence it is recommended to exit short positions, and watch out for the price reaction at 22.50 levels, before concluding a possible trade setup. The overall trend still remains bearish for now and a failure at 22.50 would warn a bearish reversal.
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 has staged an impressive rally towards 22.20/30 levels till now. The 20.50 region should be past resistance turned support for the time being. A final push higher towards 22.50 would be required to confirm a major bullish reversal though. Resistance is at 22.50/23.00 levels, while support is at 19.20 and lower for now. Hence it is recommended to exit short positions, and watch out for the price reaction at 22.50 levels, before concluding a possible trade setup. The overall trend still remains bearish for now and a failure at 22.50 would warn a bearish reversal.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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