Technical outlook and chart setups:
The metal is attempting a possible pullback/recovery for now. Resistance begins from 20.50/21.00 levels (which was past support), followed by 22.00 (channel resistance line), 23.00 and 25.00; while support is at sub 18.00 levels, and lower. It is recommended to refrain from buying at current levels and remain flat. The entire structure reveals that the channel resistance line needs to be broken and 23.00 level resistance taken out before it can be confirmed that a reversal is taking place. Until this event happens, the strategy should be selling rallies for target below 18.00 levels.
Trading recommendations:
Flat for now.
Good luck!
