Technical outlook and chart setups:
The metal almost met the short targets around 1,270/80 levels last week before pulling back sharply on Friday after NFP Release, as depicted here. The rising counter trend line was broken earlier and it is being tested on the back side, which is resistance at the moment. Resistance with respect to price is at 1,330/35 region, followed by 1,351.00 and 1,400.00; while support is at 1,270.00 and lower. Fibonacci extensions are pointing towards a possible bottom around 1,249/50 levels. It is recommended to remain flat for now and initiate fresh short positions on bearish signal appearing on shorter timeframes.
Trading recommendations:
Flat for now. Looking to initiate short positions again.
Good luck!
