Technical outlook and chart setups:
The metal has finally reversed from 1,340.00 region as discussed earlier this week. As seen on the chart view depicted here, this region is been re-enforced by past support turned resistance and the dropping trend line resistance as well. Further implications are that the metal should initiate a 3 wave retracement towards possible 1,250/60 region again, before looking further up. For now, the pair has found interim support at 1,313.00 level and it should initiate a counter rally towards 1,330.00 and possibly 1,339.00 level. It is recommended to enter short around 1,339/1,340 region for now. Bottomline: Looking lower for short term.
Trading recommendations:
Initiate short positions around 1,339/40 region, stop is at 1,351.50, and target is open.
Good luck!
