STILL LOOKING HIGHER ?
Long term: After a period of 5 months range trading between 1360$ and 1300$, the metal lost support reaching the next support level zone of 1280$. As long as the break proves real, we are entering a "trouble" phase with major support level the 1200$.The 1200$ target was reached,we realised profits of 100$.After the extreme downwards movement to 1160$,we can now assume that we saw a mid term bottom and we can enter long,aiming 1240$ and 1250$.Our scenario is in progress,target 1 accomplished.Short term correction possibly over.Target 2 also accomplished.The metal stands now at a critical position.In case of an upwards break of 1250$ we will be aiming the 1265$ level.The upside break and the movement towards 1265$ is now a reality.We are viewing the possibility of an extention of the movement towards the 1285$ level.Target accomplished,metal still aiming higher towards the 1305$ level.Target accomplished as well.As long as the metal stays above 1275$,we are looking even at the 1360$ level.We are now facing a midterms correction,possibly towards 1275$ and then the metal will enter a range phase between 1275$-1360$.The 1275$ seems weak support,correction may lead lower,towards the 1240$ area.
Short term: In our last analysis we wrote:We can open long positions at the upwards break of 1288$ aiming 1302$.Target accomplished with 14$ of profits.We can now go short at the downwards break of 1320$ aiming 1304$.
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