Technical outlook and chart setups:
The metal seems to be breaking down its counter trendline indicating a down extension, possibly towards 22.00 level or even lower. The rally from 22.00 level has been corrective in nature and has stalled at 24.80 level for now. The following implications are possible:
1. The metal could find support anywhere around 23.00 level, and continue rallying up to 25.00 and 26.00 level before reversing.
2. If a top has been formed at 24.80, the next impression should be lower than 22.00 level.
It is recommended to initiate short positions now (23.80/85), with a minimum downside of 23.00 level. Cover up short positions on a bullish bounce only around 23.00 level.
Trading recommendations:
Initiate short positions now at 23.80/85, stop is at 25.00, and target is at 23.00 (if prices bounce back), target is open (looking for a fresh low).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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