Type: Bearish ReversalKey Levels:Resistance: 1963.6Pivot: 1948.2Support: 1894.9Preferred Case:Prices have recently broken out of our ascending trendline and retested it. We see the potential for a further bearish continuation from our Pivot at 1948.2 in line graphical overlap, 23.6% Fibonacci retracement towards our 1st support at 1894.9 in line with 127.2% Fibonacci projection. Our bearish bias is further supported by prices trading below our Ichimoku cloud resistance.Alternative Scenario:If prices were to climb further, they can potentially rise towards our 1st resistance at 1963.6 in line with 38.2% Fibonacci Retracement.Fundamentals:With inflation still being an issue in the west and no confirmation over was circumstances, we might still expect bullish upside on the commodity. TA and FA are in conflict, thus we would recommend investors to be careful when trading the commodity.
Source: Tickmill