Technical outlook and chart setups:
The metal is subdued, after it touched the highs around 1,267.00 level for now. It is recommended to remain flat for now since there is an equal probability that the metal can follow both downtrend and uptrend. As seen here, temporary resistance comes in at 1,267/70 levels; while support comes in at 1,210.00 level. Pushing higher than 1,270.00 the price could see 1,300/50 levels; while a break below 1,210.00 would bring in the possibilities of fresh lows at 1,150.00 levels and lower. Please note that a multi-year resistance at 1,030/50 levels (2008) would be strong support now if prices reach there. On the other hand, a break above 1,300 and 1,350.00 would confirm that a bottom is in place and would change our strategy to buy on dips.
Trading Recommendations:
Flat for now.
Good Luck !
