Type : Bullish Rise
Resistance : 51386
Pivot: 50900
Support : 50578
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 50900 where the overlap support, 50% fibonacci retracement and 61.8% fibonacci projection are to the 1st resistance at 51386 in line with the swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 50578 in line with the overlap support and 78.6% fibonacci retracement.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Resistance : 51386
Pivot: 50900
Support : 50578
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 50900 where the overlap support, 50% fibonacci retracement and 61.8% fibonacci projection are to the 1st resistance at 51386 in line with the swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 50578 in line with the overlap support and 78.6% fibonacci retracement.
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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