Gold Futures, H4 | Potential For Further Bullish Continuation!


Type: Bullish BounceKey Levels:Resistance: 1954.7Pivot: 1942.5Support: 1937.9Preferred Case:Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1942.5 in line graphical overlap and 23.6% Fibonacci retracement towards our 1st resistance at 1954.7 in line with 127.2% Fibonacci Projection . Prices trading above our Ichimoku cloud support.Alternative Scenario:If prices were to reverse, they can potentially reach our 1st support at 1937.9 in line with 38.2% Fibonacci projection .Fundamentals:With continuation of Russo-Ukraine invasions and inflation , we might expect a bullish turn towards the precious metal.

Source: Tickmill

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