Technical outlook and chart setups:
The metal went through the resistance region at 1,309.00/1,312.00 levels yesterday. It is recommended to initiate short positions against 1,325.00 now. Immediate resistance is the 1320/21 region, followed by 1340/50 region on the higher side; while support is the 1260/50 region. Looking into the wave structure, it is possible to see another dip towards 1250.00 levels before next upper leg. The past resistance is becoming support region which is also around 1250.00 levels. On the other hand, a push through 1,320.00/21 levels would turn bearish scenario to bullish on dips from there.
Trading recommendations:
Initiate short positions now, stop is at 1,325.50, target is at 1,250.00
Good luck!
