Technical outlook and chart setups:
The metal has remained flat since the last 2-3 trading sessions. It is hence recommended to remain long on positions taken earlier, with risk at the 20.50 levels. Immediate intermediary support levels are at 20.50, followed by 19.00 and subsequently 18.00; while resistance levels are spread through 23.00 levels, 23.50 and 24.50 respectively. The entire structure seems to be unfolding as a potential head-and-shoulder reversal and the right shoulder is being carved out at current levels (21.00/50). Also note that the fibonacci 0.618 level is passing through the same levels. Looking higher for now.
Trading recommendations:
Remain long, set stop at 20.50, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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