Technical outlook and chart setups:
The metal looks to have begun retracement lower towards the1,280-1,300 area, as seen in the 4H chart. It is recommended to initiate long positions around the fibonacci 0.618 support area at 1,280/90. Though it remains possible that prices may dip further to the 1,275.00 levels before rallying further up. The 1,280/90 area is the best buy due to confluences of Fibonacci retracement levels, backside of the trend line that is support now, and a potential right shoulder of a possible inverted head-and-shoulder reversal here. Only a break of 1,250.00 would be a worry for the bulls now.
Trading recommendations:
Look to buy lower from here.
Good luck!
