Technical outlook and chart setups:
A simple 4H chart view has been presented here depicting the possible wave structure ahead. The metal has initiated retracement and should possible form a bottom around 26.90/27.00 levels soon. This level is also re-enforced by 0.618 Fibonacci support of rally between 26.50/60 to 27.40 recently. Therefore, it is strongly recommended to hold long positions from last week and also consider intraday dips towards 27.00 level as fresh opportunities to build further. Prices are expected to reach 28.80/29.00 after bouncing off from 27.00 at the moment. Support is strong at 26.00/30 levels now, while resistance is spread from 29.20/30/50 through 30.30/50, 31.75 and higher according to 4H chart here. Bottom line: Remain long for now, looking higher.
Trading recommendations:
Hold on to long positions, stop is at 25.95, and target is open (long-term).
Good luck!
