Type:
Bullish Bounce
Key Levels:
Resistance: 1954.7
Pivot: 1942.5
Support: 1937.9
Preferred Case:
Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1942.5 in line graphical overlap and 23.6% Fibonacci retracement towards our 1st resistance at 1954.7 in line with 127.2% Fibonacci Projection . Prices trading above our Ichimoku cloud support.
Alternative Scenario:
If prices were to reverse, they can potentially reach our 1st support at 1937.9 in line with 38.2% Fibonacci projection .
Fundamentals:
With continuation of Russo-Ukraine invasions and inflation , we might expect a bullish 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.