Type:
Bullish Rise
Key Levels:
Resistance: 51758
Pivot: 50615
Support: 49890
Preferred Case:
Price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 50615 in line with the 38.2% fibonacci retracement to the resistance at 51758 in line with the confluence area due to the 50% fibonacci retracement, 78.6% fibonacci projection , 161.8% fibonacci expansion and 61.8% fibonacci projection. Take note of intermediary resistance at 51213.
Alternative Scenario:
Price may break support structure at the pivot and drop to the support at 49715 the swing low, in line with the 78.6% fibonacci projection.
Fundamentals:
Rising inflation expectations and less than aggressive central banks’ rate hike paths would continue to underpin the bulls in 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.