Gold futures, H4 | Potential For Bounce!


Type: Bullish BounceKey Levels:Resistance: 1950.6Pivot: 1921.5Support: 1915.8Preferred Case:Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1921.5 in line graphical overlap and 61.8% Fibonacci retracement towards our 1st resistance at 1950.6 in line with 127.2% Fibonacci Projection . Our bullish bias is further supported by RSI being on bullish momentum.Alternative Scenario:If prices were to reverse, they can potentially reach our 1st support at 1915.8 in line with 78.6% Fibonacci projection.Fundamentals: With continuation of Russo-Ukraine invasions and inflation , we might expect a slight bullish turn towards the precious metal.

Source: Tickmill

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