Technical outlook and chart setups:
As it is seen here, the metal has recently bounced off the 0.618 support region at 1,277.00 recently. The past support of 1,270.00 remains intact as well. It is, therefore, recommended to remain long in the counter with stop at 1,270.00. Also note that resistances are lined up from 1,350.00 levels, followed by 1,385.00, 1,410 and 1,440; while immediate support is 1,270.00 respectively. A push through 1,350.00 region would be bullish again, and a rally towards 1,500.00 can be expected. On the flip side, a fall below 1,270.00 levels, would bring full control again with bears, trying to push it further towards fresh lows below 1,180.00.
Trading recommendations:
Remain long above 1,270.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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