Technical outlook and chart setups:
The metal is poised to pullback towards the 1,280-1,300 levels from here on. It is recommended to remain short, as for the aggressive trading strategy, but to turn bullish between the 1,280/1,285 levels if they are reached within coming sessions. Support levels are 1,210.00, followed by 1180.00; while resistance levels are spread through 1,350/75, 1,440 and 1,480.00 respectively. Please note that the entire rally from 1,180.00 to 1,440.00 has been retraced to 0.618 fibonacci support around 1,250, and that prices may be looking to turn around for another extended rally thorough the 1,500-1,600 region from here on. A fall towards the 1,280/90 levels and bullish reversal from there would confirm the above.
Tradeing recommendations:
The aggressive trade setup would be to remain short, and cover up ahead of 1,280.00. Turn bullish from there.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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