Technical outlook and chart setups:
The metal rallied last week as expected; it is depicted here. Furthermore, the bounce has been off the rising trendline as seen, which is extremely bullish. Initial resistance begins from the 22.50 levels followed by 23.50, 25.00 and higher towards 28.00; while support is at the 19.00 levels, followed by 18.20 respectively. It is recommended to buy on dips towards the 21.20/50 levels from here on, since it has been the fibonacci 0.618 support level of the rally between 20.50 to 22.20 from the last week. The structure is turning good for bulls to take control back and stage an impressive rally ahead of 25.00 levels in the sessions to come.
Trading recommendations:
Buy on dips between 21.20/50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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