Technical outlook and chart setups:
The metal has virtually remained unchanged since few trading sessions; moving in a trading range between 1,440/50 and 1,470/75 as shown here. It is recommended to enter buying towards 1,420/40 levels only since it is the 0.618 support zone of the rally till now. If prices manage to rally past 1,480/85 levels from here, it is expected to reach 1,500/20 levels, which is strong resistance level (past support turned resistance). It is recommended to initiate short positions around 1,500/20 levels, if prices rally straight up from here. Near-term support is at 1,440.00 and 1,320.00, while resistance is at 1,480/85, respectively. Bottom line: Buy low or sell high for now.
Trading recommendations:
Buy between 1,420 and 1,440, or sell around 1,500/20 levels.
Good luck!
