Technical outlook and chart setups:
The metal has retraced and bounced back off 22.00 level yesterday. It was recommended to go long around 22.00 to 21.40/50, and it is still recommended to initiate long positions, towards a measured target of 25.00 levels. 22.00 is immediate support at the moment, followed by 21.45/50, 2.70/80 and then 20.00 on the lower side. Resistances are lined up from 24.00 levels, through 24.80 levels and 27.00 on the higher side. Looking into the wave structure here, the metal is poised to rally towards atleast 25.00 levels from here on. The risk initially would be higher for stop losses but would be revised soon. Looking higher for now.
Trading recommendations:
Remain long, initiate fresh long positions as well (22.50/60), stop is below 21.30, and target is at 25.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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