Technical outlook and chart setups:
The metal remains sideways, but the bias would be towards buying on dips. It is recommended to hold on long positions initiated earlier, and buy the remaining on dips towards 21.20/40. Resistance remains fixed at 23.40, followed by 24.00, 25.00 on the higher side; while support is at 22.00, followed by 21.20/40 and lower towards 20.00 level. Overall structure remains constructive for bulls and upside extensions are pointing towards 25.00 and 26.00. Bottom formation is seen at 20.00 and fresh lows should not be printed.
Trading recommendations:
Remain long, buy further on dips, stop is below 21.00, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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