Type:
Bullish Rise
Key Levels:
Resistance: 10.24
Pivot: 7.48
Support: 6.22
Preferred Case:
On the H4, with price bouncing off the ichimoku cloud and price moving in an ascending trendline, we have a bullish bias that price will rise from our pivot at 50747 in line with the 78.6% fibonacci projection to the 1st resistance at 51744 in line with the 50% fibonacci retracement and 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 50415 in line with the 38.2% fibonacci retracement and overlap support
Fundamentals:
The recent sideways price action on the precious metal supports the notion of a balance between expectations of rate increases by hawkish central banks vs the inflation rate.
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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.