Type:
Bullish Moment
Key Levels:
Resistance: 62941
Pivot: 62243
Support: 61634
Preferred Case:
With the MACD having a bullish momentum and prices moving above the ichimoku cloud , which supports our bullish bias that price will rise from our pivot at 62243 in line with pullback support to our 1st resistance at 62941 where the 78.6% fibonacci projection , 78.6% fibonacci retracement and swing high resistance are.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 61634 in line with the pullback 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.