Technical outlook and chart settings:
The yellow metal is clearly in a sideways trading range as shown in the chart view here. It is within the 1570/80 resistance zone and 1530/40 support zone as blue lines show on the chart. A move lower is favoured, though making a strong statement in a sideways market is not recommended. Short positions that were taken earlier, can be held with a stop around 1590.00 levels. It is recommended not to initiate fresh positions on either side as of now. Rather, trading the sideways range would be the best strategy. Sell resistance at 1570/80 levels, and buy support at 1540.00 levels. Furthermore, buy on a bullish break and sell on a bearish break.
Trade recommendations:
Hold short positions for now, stop at 1590.92, target open.
Good luck !
The material has been provided by InstaForex Company - www.instaforex.com
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