Technical outlook and chart setups:
The metal is finally breaking down after several days of range trading. Past support of the range was at 1,440.00 level which is now immediate resistance, followed by 1,487/88, 1,500/20 and higher up. As depicted here, the Fibonacci extensions are extending towards 1,380 and 1,360 for the downswing from here on. It is recommended to book partial profits and hold on to remaining short positions now, in anticipation of further downside towards 1,380.00 at least. A break below 1,360.00 level would prove critical for bulls, and trigger further downside towards 1,290/1,300. On the other side, a bullish reversal around current levels (1,400/10), and a rally past 1,440.00 would indicate that a bottom is in place at 1,400/10 levels and the metal could begin further rally.
Trading recommendations:
Book partial profits on short positions and hold on selling short.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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