Technical outlook and chart setups:
The metal had retraced 1,360.00 level and bounced off sharply as discussed and recommended yesterday. Short positions could have been covered and long positions initiated around 1,370.00 level. It is still recommended to initiate long positions now (1,385.00) or during intraday dips. The metal seems to have bottomed out for good at sub 1,340.00 level now, and the rally after that has confirmed the same. Yesterday's low at 1360.00 level would act as immediate support followed by 1,340.00 and 1,320.00 respectively; while resistances are lined up from 1,450.00 level, through 1,488.00. Looking into the wave structure here, the metal should accelerate higher towards at least 1,500/20 levels from here on. Looking higher from here, remain long.
Trading recommendations:
Remain long, buy on dips stop is below 1,335.00, and target is in the range 1500/25.
Good luck!
