Technical outlook and chart setups:
1. The metal has retraced from its recent highs at $1,276.00/79.00. It is still expected to fall further in a corrective manner though, hence recommendations are to remain short for now. Risk remains a $1,283.00/84.00.
2. Immediate resistance is at the $1,290.00/95.00, while supports are spread through $1,230.00, followed by $1,220.00/10.00 and lower respectively.
3. Structure reveals that the metal is poised to fall towards fibonacci 0.618 support at $1,215.00, before the next rally could resume.
Trading recommendations:
Remain short, stop is at $1,285.00, the target is $1,220.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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