Overview
As shown on the today's H4 chart, the metal is stabilizing above the support level of 16.00 with the upward trend line after its failure to break the support area last week. Currently, we must wait for retesting the support area again and closing below to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the support level until testing the next support level of 15.70. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support area, this cancels the bearish move scenario.
Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.30), S1 (16.00), S2 (15.70), S3(15.50).
The material has been provided by InstaForex Company - www.instaforex.com
