Technical Outlook and Chart setups:
The metal is seen consolidating around the 0.786 fibonacci support region of the entire rally between 18.00 levels to sub 25.00 levels for now. It is recommended to remain flat for now and await further directional clarification from here on. A break below 19.50 levels could see bears testing swing lows at 18.00 levels or even lower. Also seen is the sloping channel line which has formed recently. Only a break above this channel (22.00 levels) would confirm that bulls are in control to rally further towards 25.00 and higher levels. Looking for a reaction here before committing.
Trade Recommendations:
Flat for now.
Good Luck 1
The material has been provided by InstaForex Company - www.instaforex.com
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