Technical outlook and trading setups:
There is no change structurally, till 1,270.00 remains intact. The metal has reversed again lower keeping the 1,350.00 resistance levels intact. It is recommended to exit long positions and initiate shorts with a stop above 1,350.00 for now (aggressive trading strategy). The conservative trading strategy would be to watch for prices to break either 1,350 or 1,270 from here. Intermediary resistances are at 1,350.00, followed by 1,370/80 and 1,440.00; while supports are at 1,270.00 and 1,210.00 respectively. A break of 1,270.00 would change the trading strategy to sell on rallies, while a break of 1,350.00 would suggest buying on dips again. Once again, till 1,270.00 remains intact, expect a rally.
Trading recommendations:
Aggressive: Initiate short positions, stop at 1,350.00.
Conservative: Await a break of either 1,270.00 or 1,350.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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