Technical outlook and chart setups:
The metal is seen trading around the 1,310/20 levels for now. It is recommended to remain long with a stop at the 1,270.00 levels. Initial resistance is at 1,350.00, followed by 1,370/80, 1,410 and 1,440; while support is at 1,270.00 respectively. The metal has bounces off from the 0.618 fibonacci support/retracement of the entire rally from 1,180 to 1,440. A break of the 1,270.00 levels would prove extremely bearish for the counter and the trade strategy would turn into selling rallies thereafter. At the moment, the metal needs to first clear 1350.00 levels to instill further bullish confidence.
Trading recommendations:
Remain long, stop at 1,270.00
Good luck!
