Gold Futures (GOLD1!), H1 Potential For Bullish Continuation

40441 gold futures gold1 h1 potential for bullish continuation

Type: Bullish RiseKey Levels:Resistance: 51545Pivot: 51303Support: 51141Preferred Case:Price is moving within the ascending trend channel and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 51303 where the pullback support is to the 1st resistance at 51545 in line with the swing high resistance, 78.6% fibonacci projection and 161.8% fibonacci extension.Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 51141 in line with the overlap support.Fundamentals:Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.

Source: Tickmill

Related Posts