Type:
Bullish Continuation
Key Levels:
Resistance: 52711
Pivot: 51261
Support: 50560
Preferred Case:
We see the potential for a further bullish bounce from our Pivot at 51261 which is a graphical swing low support and an area of Fibonacci confluences towards our 1st resistance at 52711 in line with 38.2% Fibonacci retracement. Our bullish bias is further supported RSI being at levels where bounces previously occurred.
Alternative Scenario:
If prices were to reverse, they can potentially dip towards our 1st support at 50560 in line with 200% Fibonacci Projection and 61.8% Fibonacci retracement.
Fundamentals:
FOMC declared rate hike of 25 bps, this is lower than what has been priced in or expected of the market. Thus we would expect the precious metal to rise more due to inflation and ongoing war circumstances.
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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.