Technical outlook and chart setups:
The metal is looking to form a base between the 1,290-1,300 levels. It is recommended to remain long for now with risk at 1,250. Intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00, while resistance is spread through 1,370/75, followed by 1,410/15 and 1,440 respectively. The overall structure might be unfolding as an inverted head-and-shoulder pattern, as discussed earlier. At the moment, it looks like the right shoulder is being carved out at the 1,290.00 levels; which still remains the best buy. Also the fibonacci 0.618 retracement level is also passing through the same area as seen here. Looking higher from the 1,290/1,300 levels for now.
Trading recommendations:
Remain long, set stop at 1,250.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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