Type:
Bullish Rise
Key Levels:
Resistance: 51545
Pivot: 51303
Support: 51141
Preferred Case:
Price is moving within the ascending trend channel and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 51303 where the pullback support is to the 1st resistance at 51545 in line with the swing high resistance, 78.6% fibonacci projection and 161.8% fibonacci extension.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 51141 in line with the overlap support.
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.