Type:
Bullish Bounce
Key Levels:
Resistance: 25.8
Pivot: 24.705
Support: 24.110
Preferred Case:
Prices are approaching a pivot. We see the potential for a bounce from our Pivot at 24.705 in line with 100% Fibonacci Projection towards our 1st resistance at 25.8 in line with 78.6% 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 1924.705 in line with 200% Fibonacci Projection.
Fundamentals:
With gradual settlement of war-negotiations, we might expect a slight bearish turn towards the precious metal. As FA and TA are in conflict, we would advise investors to be prudent in trading 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.