Type:
Bearish Drop
Key Levels:
Resistance: 1707.0
Pivot: 1694.6
Support: 1680.8
Preferred Case:
On the H4, with the price moving below the ichimoku cloud and descending trendline, we have a bearish bias that the price may drop from the pivot at 1695.8, which is in line with the swing lows to the 1st support at 1680.8, where the swing low is.
Alternative Scenario:
Alternatively, as the stoch is below 20, price could break the pivot structure and rise to the 1st resistance at 1707.0, where the 23.6% fibonacci retracement and swing lows are.
Fundamentals:
With the strength of Dxy, the gold is dropping.
Source: Tickmill
