Technical outlook and chart setups:
The metal is making lower lows and lower highs and till the time it continues, there is no reason to believe that the trend has changed. As depicted here, at the moment, resistance is seen around the $1,210/20 region, and fresh short positions can be initiated if the price reaches there. Downside extensions are pointing towards $1,160.00 and $1,145.00 respectively. The immediate swing resistance is at $1,250.00 and till the time the price stays below it, bears are clearly in control. Support is at $1,180.00 for now, followed by the $1,150.00 region respectively. We expect some bullish reaction at the $1,150.00 levels, but a break will open up lower levels.
Trading recommendations:
Sell towards $1,210/20, set stop at $1,250.00 and target is at $1,160.00
Good luck!
