Type: Bullish ContinuationKey Levels:Resistance: 1880.4Pivot: 1852.6Support: 1837.3Preferred Case:Prices have recently broken out of our daily descending trendline and has experienced a trendline breakout. We see the potential for bullish continuation from our Pivot at 1852.6 in line with 23.6% Fibonacci retracement towards our 1st resistance at 1880.4 in line with 100% Fibonacci retracement.Alternative Scenario: If prices continues its bearish dip, it can potentially , they can potentially drop towards our 1st support at 1837.3 in line with 61.8% Fibonacci extension and 50% Fibonacci retracement.Fundamentals:PPI data, which came in at higher-than-expected at 1.0% (expected 0.5%, previous 0.2%), bringing the year-on-year figure to 9.7% (previous 9.8%) would likely turn attention to the inflation-hedge commodity, driving prices upwards. Tension seems to loosen amidst NATO-Russia negotiation, however, we expect to see higher volatility in gold prices as markets await on further news from the crisis.
Source: Tickmill
