Technical outlook and chart setups:
The metal seems to have completed retracement or would complete it around 21.00/50 region. It is recommended to initiate 50% long positions now and the rest around 21.00/50 levels, which is also the Fibonacci 0.618 retracement level of the rally from 20.50 to 23.00. The downside risk remains at 20.50 region, which is initial intermediary support, followed by 19.00 and then sub 18.00 levels; while resistance is spread through 23.50, 24.00 and higher levels respectively. The overall structure looks to be bullish till prices stay above 20.50 level and look to buy on dips from here on.
Trading recommendations:
Initiate 50% long positions now and the rest between 21.00/50, stop is below 20.50, and target is open.
Good luck!
