Technical outlook and chart settings:
As seen here, the metal has retraced as per expectations yesterday and bounced off right from the trendline support (drawn from recent swing lows), around 23.30/35 levels. This region is also re-enforced by the past resistance turned support as seen on the chart. Hence, it is recommended to initiate long positions now (23.60/65), for an upside target of 25.00/26.00 levels. Resistance is at 26.00/50 levels (past support turned resistance), 28.00, 29.10/20 and higher, while immediate strong support is 22.50/60, followed by 22.00, 21.40/50 and lower. Bottomline: buying intraday dips should be favored trade strategy for now.
Trade recommendations:
Buy now (23.60/65), stop at 22.00, target 25.00/26.00.
Good luck !
