Gold Futures (GC1!) H1 | Multi-swing-low Support at 61.8% Fibonacci Retracement
Gold Futures (GC1!) H1 | Multi-swing-low Support at 61.8% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 2,971.90
Pivot: 2,949.40
Support: 2,937.40
Preferred Case:
Looking at the D1 chart, the price could fall towards a multi-swing-low support and stabilize around this level before reversing to bounce higher toward the 1st resistance at 2,971.90.
Alternative Scenario:
Price may break below the Pivot at 2,949.40 and fall toward the 1st Support at 2,937.40.
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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.