Gold Futures (GC1!) H4 | Bearish Drop from a pullback?
Type:
Bearish Reversal
Key Levels:
Resistance: 2,716.4
Pivot: 2,666.2
Support: 2,617.6
Preferred Case:
Looking at the H1 chart, the price is rising towards a pullback resistance where it could stall before reversing to fall lower. The bearish momentum could cause the price to drop towards the 1st Support at 2,617.6 close to 61.8% Fibonacci retracement.
Alternative Scenario:
Price may break above the Pivot at 2,666.2 and rise towards the 1st Resistance at 2,716.4
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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.