Type: Bullish ContinuationKey Levels:Resistance: 1942.4Pivot: 1890.8Support: 1879.9Preferred 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 100% Fibonacci retracement towards our 1st resistance at 1942.4 in line with 61.8% Fibonacci Retracement . Our bullish bias is further supported RSI being at levels where bounces previously occurred and prices trading above our Ichimoku clouds .Alternative Scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1879.9 which is a graphical swing low and also in line with 127.2% Fibonacci extension and 50% Fibonacci retracement .Fundamentals:Upon completion of the first round of talks between the warring countries, amid hostilities from both sides, we are likely to see the precious metal in consolidation mode pending the development on the Moscow-Kyiv battles, both on and off the fields. As the situation remains fluid, we would recommend investors to remain on the sidelines.
Source: Tickmill
