Technical outlook and chart setups:
The metal seems to have completed retracement as depicted here. The maximum downside could be down towards the 1,290/1,300 region before rallying to fresh highs. It is recommended to initiate 50% long positions at current levels and the rest between 1,290/1,300, if the prices reach that level. Risk remains at 1,270.00 level on the minimum side. Initial support is at 1,250.00 (recent swing lows), followed by 1,210.00 and 1,180.00; while resistance is at 1,370/75, followed by 1,410.00 and 1,440.00 on the higher side. Looking into the entire structure, the metal seems to be poised to print fresh highs in the coming sessions till the prices remain above 1,250/70.
Trading recommendations:
Initiate 50% longs now and the rest between 1,290/1,300, stop is at 1,260.00, and target is open.
Good luck!
