Technical outlook and chart setups:
The metal is in line with Gold movements and a corrective wave 3 should be underway today. It is recommended to remain short with risk above the 25.00 levels for now; which are resistance. The initial downside extensions are pointing towards the 21.80 levels at least. Intermediate support is at 22.50, followed by strong support at 19.20 and lower. The counter rally that begun from the 23.00 sublevels seems to be over now, around 24.50 (which is also around fibonacci 0.618 resistance). Downward extension towards the 21.80/22.00 levels should materialize any moment now.
Trading recommendations:
Remain short, stop above 25.00 (shall be changed soon).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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