Technical outlook and chart setups:
The metal has paused after hitting 1,270.00 recently. As depicted here, this is the 0.382 fibonacci resistance level of the fall between 1,370 and 1,210 down swing. Lined up resistance levels are 1,280.00, 1,305.00, followed by 1,360.00 and higher; while support levels are at 1,210.00 and 1,180.00 respectively. It is recommended to initiate 50% short positions now, with risk at 1,280.00. The entire structure reveals that a fresh swing low should be formed till prices are trading below the channel resistance of 1,300.00 levels at least. Selling rallies favored strategy for now.
Trading recommendations:
Initiate 50% short positions now and remain around 1,275.00, stop at 1,280.
Good luck!
