Technical outlook and chart setups:
The metal has stopped us out at the 20.00 levels, on long positions taken earlier. Currently, at the fibonacci 0.786 support level, it is recommended to remain flat for now and wait for a reaction here. Initial support is at 19.00, followed by sub 18.00 levels; a sustained break of the19.50 levels, it would be further bearish towards 19.00 and 18.00 respectively. Immediate resistance is at 22.00; followed by 23.00, 25.00 as stronger ones. On the flip side, a bullish bounce now, it would still warrant to initiate long positions against the 18.00 levels. We would wait for a possible reaction in the daily chart view before committing further on long side.
Trading recommendations:
Remain flat for now.
Good luck!
