Technical outlook and chart setups:
The structure remains unchanged for the metal yet. It is recommended to remain long for now and also look to add on intraday dips. The metal is bounding off the 0.618 Fibonacci support level at 21.30/40 and is expected to reach 24.50 at least in the sessions to come. Supports are spread through 20.75 and 20.00 levels; while resistance is spread through 23.00, 24.00 and higher up. The overall structure after printing lows at 20.00 level is unfolding as at least an ABC correction at the moment; which could extend to 24.50 and higher. Looking higher for now.
Trading recommendations:
Remain long, stop is at 20.50, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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