Type : Bullish continuation
Resistance : 1975.3
Pivot: 1904.1
Support : 1890.5
Preferred case: Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 1904.9 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci retracement towards our 1st support at 1975.3 in line with 100% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and also prices trading above our ichimoku cloud support and RSI being at levels where bounces occurred previously.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1890.5 which is a graphical swing low and also in line with 100% Fibonacci extension .
Fundamentals: Russo-Ukraine tensions seemed to escalate with the latest invasions from Russia, the precious metal rally will seemingly continue.
Resistance : 1975.3
Pivot: 1904.1
Support : 1890.5
Preferred case: Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 1904.9 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci retracement towards our 1st support at 1975.3 in line with 100% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and also prices trading above our ichimoku cloud support and RSI being at levels where bounces occurred previously.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1890.5 which is a graphical swing low and also in line with 100% Fibonacci extension .
Fundamentals: Russo-Ukraine tensions seemed to escalate with the latest invasions from Russia, the precious metal rally will seemingly continue.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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