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Gold Futures (GC!), H1 Potential for Dip!

36289 gold futures gc h1 potential for dip

Type: Bearish ReversalKey Levels:Resistance: 1933.7Pivot: 1927Support: 1895.2Preferred Case:Prices have recently broken out of our descending trendline. We see the potential for further bearish continuation from our Pivot at 1927 in line graphical overlap and area of Fibonacci confluences towards our 1st support at 1895.2 in line with 100% Fibonacci Projection . Our bearish bias is further supported prices trading below our Ichimoku clouds .Alternative Scenario:If prices were to reverse, they can potentially reach our 1st resistance at 1933.7 in line with 78.6% Fibonacci projection .Fundamentals:With gradual settlement of war-negotiations, we might expect a slight bearish turn towards the precious metal.

Source: Tickmill

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