Type: Bullish ContinuationKey levels:Resistance: 1920.2Pivot: 1920.2Support: 1854.3Preferred Case:Prices have recently broken out of our daily descending trendline and has experienced a trendline breakout. We see the potential for further bullish continuation from our Pivot at 1880.2 in line with 61.8% Fibonacci extension towards our 1st resistance at 1920.2 in line with 127.2% Fibonacci extension. Prices are trading above our Ichimoku clouds and RSI is on bullish momentum, further supporting our bullish bias.Alternative Scenario: If prices were to dip, it can potentially, they can potentially drop towards our 1st support at 1854.3 in line with 50% Fibonacci retracement.Fundamentals:Both UK and Canada CPI data confirms the rising inflation status in economies. In addition to inflation, initiated attacks from Ukraine on Russia moves the state of Crisis to “war”, accounting for the soaring prices of Gold, being a safe-haven and risk-on asset.
Source: Tickmill
