Technical outlook and chart setups:
Il looks that the metal is initiating a possible retracement as well as Gold. The levels of interest are 22.00/21.00 as depicted in the chart. It is recommended to initiate short positions on a small pullback towards the 24.70/80 levels with a risk around 26.00 to take advantage of the counter-trend being in play now. Immediate resistance is at the 25.10/20 area and it should remain till the counter-trend plays out. Support is at 22.00/50, followed by 19.50 and lower. The possible levels, where retracement should end are between 21.00 and 22.00, which are also near the past resistance turning support now. Looking lower temporary, then long again.
Trading recommendations:
Initiate short positions around 24.70/80, stop is at 26.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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