Type: Bearish dip
Resistance : 25.065
Pivot: 24.8
Support : 24.230
Preferred case: Prices are consolidating in a triangle pattern . We see the potential for a dip from our Pivot at 24.8 in line with 78.6% Fibonacci Projection towards our 1st support at 24.230 in line with 61.8% Fibonacci Projection . RSI is at levels where dips previously occurred and prices are trading below our ichimoku clouds , further supporting our bearish bias.
Alternative scenario: If prices were to continue their rally, they can potentially reach our 1st resistance at 25.065 which is in line with 127.2% Fibonacci Projection .
Fundamentals: With inflation and war tensions might result in a fundamentally upwards bias on the pair. As FA and TA are in conflict, we would advise investors to be prudent in trading the precious metal.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results