Technical outlook and chart setups:
The metal has staged an impressive rally breaking past inner downtrend line and the initial resistance at 22.70/80 yesterday. Initial Fibonacci support comes around 22.00, followed by 21.50 and 21.20 respectively. It is recommended to initiate long positions on a bullish bounce between 21.20 and 21.50 levels on a pullback/retracement. Resistance is now seen at 24.00/50, followed by 25.00 (trendline resistance). It looks like a bottom could have been formed at sub 20.00 levels and the metal would be preparing for a long term reversal. On the other side, a break below 21.20 level again would be bearish for the metal.
Trading recommendations
Look to initiate 50% long positions between 21.20/50, stop is at 20.00, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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