Type:
Bearish Momentum
Key Levels:
Resistance: 1778.2
Pivot: 1740.8
Support: 1709.5
Preferred Case:
On the H4, with price moving within a descending channel and below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 1740.8 where the pullback resistance is to 1st support at 1709.5 where the 78.6% fibonacci retracement and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 1778.2 where the swing high resistance is.
Fundamentals:
We have a bearish outlook on gold as a result of Powell’s Hawkish Remarks about monetary policy at the yearly Jackson Hole Symposium.
Source: Tickmill
