Technical outlook and chart setups:
The yellow metal has done the following in past few trading sessions:
1. Broken the channel/support line.
2. Rallied back and tested the support turned resistance region around 1,380.00 level.
3. Support at 1,270.00 still remains intact.
Possibilities from here are:
1. Consolidation at current level and then continued rally. 1,405/10 region will be acting as strong resistance though.
2. In case of 1,270.00 break, the metal would turn towards fresh lows and selling rallies would be favored.
Trading recommendations:
Remain long, stop is below 1,270.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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