Technical outlook and chart setups:
The metal has been locked in a trading range between 1,210 and 1,250 for the last several trading sessions. It is recommended to remain flat for now until a breakout is confirmed. The immediate resistance is 1,258/60 levels, followed by 1,300.00 and higher up, while 1,210 is immediate support, followed by 1,180.00 and lower levels respectively. Looking into the bearish structure, it seems that the metal could break lower towards possibly 1,150/30 levels, before developing a reversal case. Please note that the 2008 highs/resistance was around 1,030/40 area, which would be acting as a support level now. One should refrain from buying the yellow metal for now.
Trading recommendations:
Remain fat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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