Technical outlook and chart setups:
The metal seems to be holding support at 22.30 level for now. It is recommended to exit short positions taken earlier and look to go long again. Immediate support is the 22.30 region, followed by 19.25 and lower, while intermediary resistance is at 25.00 and higher up. It is quite possible that the metal retraces further to 21.50 level before rallying ahead towards fresh swing highs. The region to enter long positions again would be between 21.00 and 21.50. The following convergence levels are seen there.
1. Fibonacci 0.618 retracement level for recent upswing.
2. Past resistance turned support near 21.00 level.
3. Rising trend line would be passing around that region soon.
Trading recommendations:
Exit short positions. Plan to buy between 21.00 and 21.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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