Gold Futures (GC1!) H4 | Overlap Resistance at 50% Fibonacci Retracement
Gold Futures (GC1!) H4 | Overlap Resistance at 50% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 2,940.70
Pivot: 2,906.00
Support: 2,811.50
Preferred Case:
Looking at the H4 chart, the price could rise towards an overlap resistance and stall around this level before reversing to fall toward the 1st Support at 2,811.50.
Alternative Scenario:
Price may break above the Pivot at 2,906.00 and rise toward the 1st resistance at 2,940.70.
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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.