Technical Outlook and Chart Setups:
As depicted on the daily chart here, the metal has followed up well after producing a morning star around the 0.786 fibonacci support levels. Furthermore, the 28.30 region is re-enforced by past resistance turned future support. Immediate support is just around 28.00 levels followed by 27.00 and 26.00 respectively. Resistance begins from 31.00 levels (backside of trend line) followed by 32.50 and 34.30 respectively. It is therefore highly recommended to hold on to long positions taken earlier and add further on dips as well.
Trade Recommendations:
Hold on to longs, add further on dips, stop at 27.00 (soon to be revised), target open. Please book partial profits at 31.00.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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