Type:
Bullish Continuation
Key Levels:
Resistance: 1975.3
Pivot: 1904.1
Support: 1890.5
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 1904.9 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci retracement towards our 1st support at 1975.3 in line with 100% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and also prices trading above our Ichimoku cloud support and RSI being at levels where bounces occurred previously.
Alternative Scenario:
If prices were to reverse, they can potentially dip towards our 1st support at 1890.5 which is a graphical swing low and also in line with 100% Fibonacci extension .
Fundamentals:
Russo-Ukraine tensions seemed to escalate with the latest invasions from Russia, the precious metal rally will seemingly continue.
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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.