Type:
Bullish Bounce
Key Levels:
Resistance: 1949.2
Pivot: 1916.8
Support: 1904.5
Preferred Case:
Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1916.8 in line graphical overlap and 61.8% Fibonacci retracement towards our 1st resistance at 1959.0 in line with 100% Fibonacci Projection . Our bullish bias is further supported by RSI being at levels where bounces previously occurred.
Alternative Scenario:
If prices were to reverse, they can potentially reach our 1st support at 1904.5 in line with 78.6% Fibonacci projection .
Fundamentals:
With continuation of Russo-Ukraine invasions and inflation, we might expect a slight bullish turn towards the precious metal.
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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.