Gold Futures (GC1!) D1 | Rising into Swing-high Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 2,708.23
Pivot: 2,672.35
Support: 2,607.67
Preferred Case:
Looking at the D1 chart, my overall bias for gold futures (GC1!) is bearish as the price rises towards a swing-high resistance that aligns close to the all-time high. It could stall around the Pivot once more before reversing to drop towards the 1st Support at 2,607.67.
Alternative Scenario:
Price may break above the Pivot at 2,672.35 and rise towards the 1st Resistance at 2,708.23.
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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.