Technical outlook and chart setups:
The metal has rallied into 3 waves till now from 1,180.00 to sub 1,300.00 levels. At the moment, trading sideways, and a dip towards 1,250/60 remains good possibility. A cluster of Fibonacci supports are also seen towards 1,250/55 region as depicted here. It is recommended to enter fresh longs between 1,250/60 region for a push through the 1,320.00 levels on the higher side. The fact still remains that 1,180.00 has been registered as a long-term bottom and the metal is towards forming series of higher highs and higher lows. Resistance is into the 1,400 region now, while support is strong at 1,210.00, followed by 1,180.00 respectively.
Trading recommendations:
Expect a short-term dip towards 1,250/60 first; then go long, stop is at 1,230.00, and target is at 1,320.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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