Type: Bullish ReversalKey Levels:Resistance: 1965.9Pivot: 1933.7Support: 1921.3Preferred Case:Prices have consolidated in an inverse head and shoulders pattern. We see the potential for a bounce from our Pivot at 1933.7 which is the break of the inverse head and shoulders neckline 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 .Fundamentals:With gradual settlement of war-negotiations, we might expect a slight bearish turn towards the precious metal.
Source: Tickmill
