Type: Bullish RiseKey Levels:Resistance: 51386Pivot: 50900Support: 50578Preferred Case:On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 50900 where the overlap support, 50% fibonacci retracement and 61.8% fibonacci projection are to the 1st resistance at 51386 in line with the swing high resistance.Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 50578 in line with the overlap support and 78.6% fibonacci retracement .Fundamentals:Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Source: Tickmill
