Type: Bearish MomentumKey Levels:Resistance: 1878.9Pivot: 1849.8Support: 1784.9Preferred Case:On the H4, with price moving in a descending trend channel and below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 1849.8 in line with the 78.6% fibonacci retracement, to the 1st support at 1784.9 at the sing low in line with the 78.6% fibonacci retracement.Alternative Scenario:Alternatively, price may reverse off the pivot and rise to the 1st resistance at 1878.9 at the multiple swing highs in line with the 100% fibonacci projection and 78.6% fibonacci projection and 38.2% fibonacci retracement.Fundamentals:With greater concerns about an impending US recession, following Chair Powell’s comments, gold price is likely to trade higher, giving us a weak bullish bias.
Source: Tickmill
