Type:
Bullish Rise
Key Levels:
Resistance: 51144
Pivot: 50723
Support: 50416
Preferred Case:
On the H1, stochastic indicator is bouncing off resistance level which supports our bullish bias that price will rise from the pivot at 50723 where the swing low support and 78.6% fibonacci retracement are to the 1st resistance at 51144 in line with the pullback resistance and 61.8% fibonacci retracement .
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 50416 in line with the overlap support and 50% fibonacci retracement .
Fundamentals:
Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on 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.