Type:
Bullish Continuation
Key Levels:
Resistance: 1964.4
Pivot: 1935.3
Support: 1923.7
Preferred Case:
Prices are consolidating in a triangle pattern. We see the potential for further bullish continuation from our Pivot at 1935.3 in line 23.6% Fibonacci retracement towards our 1st resistance at 1964.4 in line with 78.6% Fibonacci Extension and 100% Fibonacci Extension. Our bullish bias is further supported by prices trading above our ichimoku clouds.
Alternative Scenario:
If prices were to reverse, they can potentially dip towards our 1st support at 1923.7 which is a graphical swing low and also in line with 38.2% Fibonacci retracement.
Fundamentals:
As the renewed attacks and scheduled negotiations are on the way, we would expect the precious metal to maintain bids as a safe-haven asset. Downward pressure would only come from raised hopes of negotiation, and resolution, between the warring nations.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.