Technical Outlook and Chart Setups:
A 4H chart view has been presented here today. As depicted here, the yellow metal is facing stiff resistance around the 1,720/30 region. Slowly but gradually prices are coming lower towards 1,700 level. Please note that 1,700/05 levels remain key support for the prices to rally further up. A breakdown would suggest that 3rd wave extension is under way and that the metal is headed towards 1,630.00 level, and probability is high. Intermediary resistance is around 1,732.00 followed by 1,755.00 respectively. Looking lower for now.
Trading Recommendations:
Sell on a breakdown of 1,700.00, stop is at 1,735.00, and target is at 1,640.00. Or buy aggressively on a break higher of 1,732, stop is at 1,700, and target is open.
Good Luck!
