Type:
Bullish Reversal
Key Levels:
Resistance: 1965.9
Pivot: 1933.7
Support: 1921.3
Preferred Case:
Prices have consolidated in an inverse head and shoulders pattern. We see the potential for a bounce from our Pivot at 1933.7 which is the break of the inverse head and shoulders neckline towards our 1st resistance at 1965.9 in line with 127.2% Fibonacci Projection . Our bullish bias is further supported prices trading above our Ichimoku clouds .
Alternative Scenario:
If prices were to reverse, they can potentially reach our 1st support at 1921.7 in line with 38.2% Fibonacci retracement .
Fundamentals:
With gradual settlement of war-negotiations, we might expect a slight bearish 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.