Technical outlook and chart setups:
The metal reversed from intraday highs of 1,300.00 level yesterday. Initial support comes at 1,260/64 region, also the rising trend line support passes through the same region. It is recommended to initiate fresh long positions at convergence of 1,250/60 region and the rising trendline with a bullish bounce. Minimum implications are 1,320.00 levels on the higher side. Higher up resistance comes in at 1,420.00 region; while support is around 1,280/10; followed by 1,180.00 respectively. Looking lower in the short term before the rally resumes again.
Trading recommendations:
Initiate fresh long positions between 1,250/60, stop is at 1,230, and target is at 1,320.
Good luck!
