Technical outlook and chart setups:
The metal is consolidating in a small range just ahead of 21.00 level. A break down here would warrant further weakness in the counter towards the 20.00 region. On the flip side, a rally past 22.00 would run up into mid 24.00 before deciding further moves. Intermediary resistance is at 23.50, followed by 25.00 on the higher side, while support is at 21.00, followed by 19.00 level respectively. It is recommended to remain long for now, with a stop just below 21.00 level in anticipation for a wave 3 rally into 24.00 level, before deciding to move further.
Trading recommendations:
Remain long, stop is below 21.00, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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