Technical outlook and chart setups:
A weekly chart has been depicted here for the overall wave structure. The metal is trading between the 0.618 and 0.786 Fibonacci levels of the entire rally between 10.00 to 49.00 in recent years. A convergence is rather seen at 17.00 level (also the 0.786 Fibonacci level). It is expected that a major bottom formation is quite near; either at current levels at 19.50/60 or 17.00 level from here on. It is recommended to remain flat for now and await clear bullish/reversal signal at any of the above levels to enter long positions. Aggressive traders can enter short positions on a break of 19.40 level for a target of 17.00 level.
Trading recommendations:
Flat for now.
Good luck!
