Type: Bullish bounce
Resistance : 1950.6
Pivot: 1921.5
Support : 1915.8
Preferred case: Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1921.5 in line graphical overlap and 61.8% Fibonacci retracement towards our 1st resistance at 1950.6 in line with 127.2% Fibonacci Projection . Our bullish bias is further supported by RSI being on bullish momentum.
Alternative scenario: If prices were to reverse, they can potentially reach our 1st support at 1915.8 in line with 78.6% Fibonacci projection .
Fundamentals: With continuation of Russo-Ukraine invasions and inflation , we might expect a slight bullish turn towards the precious metal.
Resistance : 1950.6
Pivot: 1921.5
Support : 1915.8
Preferred case: Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1921.5 in line graphical overlap and 61.8% Fibonacci retracement towards our 1st resistance at 1950.6 in line with 127.2% Fibonacci Projection . Our bullish bias is further supported by RSI being on bullish momentum.
Alternative scenario: If prices were to reverse, they can potentially reach our 1st support at 1915.8 in line with 78.6% Fibonacci projection .
Fundamentals: With continuation of Russo-Ukraine invasions and inflation , we might expect a slight bullish turn towards the precious metal.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.