Technical outlook and chart setups:
The metal has raised through the resistance at 21.50. As it is depicted here, this area is re-enforced by fibonacci trend and counter trend convergence at 21.00/30 respectively. It is now recommended to initiate short positions with a stop above 22.50. A push through 22.50 at this juncture would be turning into bullish reversal for the long term and our trading strategy shall turn to buy on dips from there. Resistance is 22.50 while support is 19.25/30 at the moment. A more conservative trade strategy would be to remain flat for now and see how the price reacts ahead of 22.50.
Trading recommendations:
Aggressive: Go short with a stop just above 22.50
Conservative: Remain flat for a while.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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