Type:
Bullish Continuation
Key Levels:
Resistance: 1837.6
Pivot: 1827.4
Support: 1827.4
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see the potential for a bounce from our Pivot at 1827.4 in line with 161.8% Fibonacci Projection and 61.8% Fibonacci retracement towards our 1st resistance at 1837.6 in line with 200% Fibonacci Projection and 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head to 1st support level at 1817.6 in line with the 23.6% Fibonacci retracement and horizontal swing low support
Fundamental news:
A key event to look out for is the crisis between Ukraine and Russia. Tensions are escalating in midst of fears of a Russia invasion, which agrees with our bullish bias for gold.
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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.