Type:
Bullish Continuation
Key Levels:
Resistance: 1934
Pivot: 1879
Support: 1855
Preferred Case:
With price moving above our Ichimoku cloud, we may see a rise from our pivot of 1879 in line with the horizontal swing overlap support and 23.6% Fibonacci retracement to 1st resistance of 1934 in line with the -61.8% Fibonacci expansion level.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1855 in line with the 50% Fibonacci retracement and horizontal overlap support.
Fundamentals:
Russo-Ukraine tensions seemed to tighten, the precious metal is likely to continue its uptrend as investors rush to safe haven assets such as gold .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.