Technical outlook and chart setups:
The metal has consolidated within a tight range recently, but initial support at 1280.00 is intact. As depicted here, the metal should be poised to rally, at least, to the 1,410.00 levels, which are still resistance-faced at the back of the support line. It is recommended to remain long for now and also look to add further positions, risk is 1,270.00. Intermediary resistance is 1,380.00, followed by 1,410.00 and 1,440.00, while support is 1,270.00 for now. The probability of printing fresh lows below 1,180.00 cannot be completely ruled out yet, but at the same time the reversal should materialize from the 1,410 levels. Looking higher at least till 1,410.00.
Trade recommendations:
Remain long, set stop at 1,210.00, target 1,405/10.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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