Technical Outlook and Chart Setups:
As expected, the metal has inched lower and is currently in the process to form bottom at current levels. As per the wave count, the 4th wave should have been completed at 29.60 level. This region is re-enforced by 0.618 Fibonacci retracement level of wave 3, also the trendline is set to provide necessary support required for continuation of the rally. Major support is at the 28.00/50 region, while resistance remains fixed at 33.60/65 levels respectively. It is strongly recommended to buy from current levels and build on the long positions further. Looking higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier, buy further at current levels, (29.70/75), stop is at 28.00 and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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