Type: Bullish BounceKey Levels:Resistance: 1965.9Pivot: 1933.7Support: 1921.3Preferred Case:Prices are approaching a pivot. We see the potential for a bounce from our Pivot at 1933.7 in line with 61.8% Fibonacci Retracement towards our 1st resistance at 1965.9 in line with 127.2% Fibonacci Projection . Our bullish bias is further supported prices trading above our Ichimoku clouds .Alternative Scenario:If prices were to reverse, they can potentially reach our 1st support at 1921.7 in line with 38.2% Fibonacci retracement .Fundamental:With gradual settlement of war-negotiations, we might expect a slight bearish turn towards the precious metal. As FA and TA are in conflict, we would advise investors to be prudent in trading the precious metal.
Source: Tickmill
