Technical outlook and chart setups:
The metal has failed ahead of resistance at 24.80/25.00 for now. It is quite possible that the rally from 18.00 to sub 23.00 levels could be a counter trend within the larger bear trend. Immediate Daily Chart resistance is at 24.80/25.00 levels and the bulls need to break that to confirm a trend reversal. Until then, it could be safe to assume that a major retracement, towards 20.50/70 (the past resistance turned support region) or a new low below 18.00 could be underway. Aggressive trade may initiate fresh short positions 23.00/40 region, risk would be 24.80.
Trading recommendations:
Aggressive: Initiate short positions between 23.00/40, stop 25.00
Conservative: Flat
Good luck!
