Technical Outlook and Chart Setups:
We fell just short of the last spike in yellow metal before reversing from 1787 level. Nonetheless, our expectations of a sharp selloff have materialized and one can see a rising wedge formation being broken. At the moment, prices are testing the short-term support line passing through 1760.00 level, and a breakdown here would accelerate downside towards 1700/20 levels at least. Moveover, a huge retracement towards 1640/50 level also cannot be ruled. We favour short positions for now.
Trading Recommendations:
Stay short if not stopped out, re-enter short positions, stop at 1790.00, target 1720/00.
Good Luck!
