Technical outlook and chart setups:
As discussed and expected yesterday, the metal resumes its third downward wave towards 1,330/50, as depicted here. The rising trendline is also passing through 1,340.00 area at the moment. Moreover fibonacci retracement/extension confluences are around 1,335/50; and the past resistance turned support area is also passing through 1,348/50. Looking at all these facts, it is recommended to remain short for now, but plan to book profits ahead of the confluence later. The overall structure indicates a bounce, which would push prices higher to new levels again. On the flip side, a break of the 1,270.00 levels would delay matters again.
Trading recommendations:
Remain short for now, move stop to break even levels, target is at 1,350.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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