Technical outlook and chart setups:
The metal has raised towards the 0.382 fibonacci resistance at 20.50 levels as depicted in the daily chart. It is recommended to initiate at least 50% short positions now, with risk at 21.70 levels. Resistance levels are 21.00, followed by 21.50, 22.00 and higher; while support is at sub 18.00 levels. The wave structure reveals that the metal should continue to drift lower from current levels, towards fresh swing lows of 17.00 levels atleast; till the time it is trading well below the channel resistance line (passing through 21.50 levels at the moment). Selling rallies is favored trade strategy for now.
Trading recommendations:
Sell 50% now, and remain at 21.00 levels, stop is at 21.70.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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