Type:
Bullish Continuation
Key Levels:
Resistance: 2061.8
Pivot: 1955.4
Support: 1921.7
Preferred Case:
Price is near our area of pivot level of 1955.4 which is an area of Fibonacci confluences. Price can potentially rise higher towards the resistance level of 2061.8 which is also the graphical swing high and in line with 78.6% Fibonacci Projection. Our bullish bias is supported by prices trading above our Ichimoku cloud support.
Alternative Scenario:
Price can potentially dip to the support level of 1921.7 in line with 50% Fibonacci retracement and also an area of Fibonacci confluences.
Fundamentals:
Central bank decisions to deal with the imminent inflation worsened by the war is likely to be in focus, resulted in much volatility in the inflation-hedged precious metal. We would urge investors to exercise prudence when trading gold.
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Past performance is not indicative of future results.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.