Gold Futures (GC1!), H4 bullish continuation!c
Type : Bullish continuation
Resistance : 1921.4
Pivot: 1890.8
Support : 1877.7
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 1890.8 in line with 50 Fibonacci retracement and 100% Fibonacci retracement towards our 1st resistance at 1921.4 in line with 61.8% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and our MA 50 & 200 forming a Golden cross.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1877.7 which is a graphical swing low and also in line with 127.2% Fibonacci extension .
Fundamentals: Gold prices would likely be bolstered by US PCE Price Index which saw a new record of 6.1% in January, higher-than-expected from the year-on-year forecast of 5.5% and December’s 5.8% and tension built-up Global sanctions on Russia. The situation remains fluid as we await negotiations at the Belarusian-Ukrainian border, we urge investors to remain on the side-lines.
Resistance : 1921.4
Pivot: 1890.8
Support : 1877.7
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 1890.8 in line with 50 Fibonacci retracement and 100% Fibonacci retracement towards our 1st resistance at 1921.4 in line with 61.8% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and our MA 50 & 200 forming a Golden cross.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1877.7 which is a graphical swing low and also in line with 127.2% Fibonacci extension .
Fundamentals: Gold prices would likely be bolstered by US PCE Price Index which saw a new record of 6.1% in January, higher-than-expected from the year-on-year forecast of 5.5% and December’s 5.8% and tension built-up Global sanctions on Russia. The situation remains fluid as we await negotiations at the Belarusian-Ukrainian border, we urge investors to remain on the side-lines.
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