Technical outlook and chart setups:
The metal has surpassed expectations at 1,320.00 level as expected. Current levels should be met with resistance due to following reasons: 1). Sloping downtrend line passing 2). The 0.618 Fibonacci resistance level intersecting. It is recommended to book complete profits on long positions taken earlier and wait for a dip to materialize. 1,250/60 level is the next buying opportunity. Resistance is at 1,400.00 level higher up, while strong support stays at 1,208.00 level respectively. Bottomline: Strategy remains buying on dips. Flat for now.
Trading recommendations:
Book full profits. Flat for now.
Good luck!
