Technical outlook and chart setups:
The metal seems to have formed a bottom at 1,180.00 levels now. Further more, the rally from 1,180 to 1,260/70 levels has also been retraced down to 1,210 levels, before bouncing. Looking into the wave structure here, it is recommended to initiate long positions now, around 1,220/1,225 levels. Resistances are lined up to 1,300.00 levels, followed by 1,420.00 on the higher side while support is at 1,180.00 level for now. Possible upside extensions are 1,320.00 and 1,400.00 respectively. It is quite possible that a major bottom has been formed here, which is comfortably tradeable. Looking higher from here on.
Trade recommendations:
Long now, around 1,220/25, stop 1,175.00, target open.
Good luck!
