Technical outlook and chart setups:
The metal seems to be preparing to break above the trading range at 24.00 level. Looking into the current structure, it still remains sideways. A break above 24.00 would bring 26.00/50 levels into focus, while a break lower would bring 21.00/50 levels into focus. Please note that 26.00/50 region is resistance for now since the Fibonacci 0.618 level and past support turned resistance convergence remains. Support is at 22.00 level for now, followed by 21.45 and 20.00 levels on the lower side. Weekly charts show that 20.00/30 region is the past resistance turned support region for now. Hence a push lower from here would provide another long opportunity. It is recommended to initiate fresh long positions on a break above 24.00.
Trading recommendations:
Remain long for now, stop is at 21.90, and targets are at 25.00 and 26.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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