Technical outlook and chart setups:
The metal is breaking down and is just a few cents ahead of 22.00 level at the moment. It is likely to break down towards 21.45, as discussed yesterday, but it is still recommended to book maximum short positions and take profits off the table for now. Only around 10% of total positions could be left open to take maximum benefit on a possible breakdown. Next support level is seen around 21.45 from here on and the metal is expected to bottom out around that region. Initiating long positions there would be highly rewarding for a long term. Bottom line: Looking lower from here on, but book maximum profits on short positions.
Trading recommendations:
Remain only 10% short on earlier positions. Book profits on the rest.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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