Technical outlook and chart setups:
The metal seems to be forming base at around 1,378/80, which is Fibonacci 0.618 level for the recent rally from 1,340.00 to 1,425.00. 1,373.00 and 1,355.00 are immediate support levels, while 1,425.00, 1,450/60 are levels of resistance now. A bullish bounce here is expected to take prices to 1,465.00 and 1,500.00 levels in the near term. The recent weekly lows printed by Gold and Silver are diverging, indicating that a bottom formation is near. It is recommended to hold long positions for now with a stop below 1,350.00 for now. Looking higher above 1,350.00.
Trading recommendations:
Hold long positions for now, stop is at 1,349.50, and targets are at 1,465.00 and 1,500.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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