Technical outlook and trade setups:
The metal has breached 19.00 levels which was previous support and is expected to continue sliding further down towards 17.00 levels in the near term. It is hence recommended to sell intraday rallies from here on. The structure still favors bearish strength towards at least 17.00 levels before a possible reversal takes place. Immediate resistance is the 20.00/50 region, followed by 22.00, 23.00 and 25.00; while support is at sub 18.00 levels respectively. Also you should note that the metal has formed a sloping channel resistance line and only a break higher would possibly confirm a trend reversal.
Trading recommendations:
Selling rallies favored, risk above 20.50, target 17.00.
Good luck!
