Type:
Bullish Bounce
Key Levels:
Resistance: 1950.8
Pivot: 1932.4
Support: 1928.7
Preferred Case:
Prices have recently broken out of our ascending trendline and retested it. We see the potential for a further bearish continuation from our Pivot at 1932.4 in line graphical overlap and 61.8% Fibonacci retracement towards our 1st resistance at 1950.8 which is an area of Fibonacci confluences. Our bullish bias is further supported by prices trading above our Ichimoku cloud support.
Alternative Scenario:
If prices were to dip, they can potentially dip towards our 1st support at 1928.7 in line with 50% Fibonacci Retracement.
Fundamentals:
With inflation still being an issue in the west and no confirmation over was circumstances, we might still expect bullish upside on the commodity.
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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.