Technical outlook and chart setups:
The metal retraced after testing recent highs yesterday and is presently testing immediate line of support at 19.38 region. It is recommended to remain long and initiate fresh long positions now. Our minimum downside expectations were 19.50/70 region and prices are providing opportunities to go long again. Immediate support is at 18.70/75 region, followed by 18.25; while resistance is at 22.50 on the higher side. Pushing above 21.30/50 region would confirm that a meaningful bottom is at place around the 18.00 region.
Trading recommendations:
Remain long, initiate fresh longs now, stop is below 18.50, and target is at 21.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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