Gold (GOLD1!), H1 Potential for Bullish Bounce

39887 gold gold1 h1 potential for bullish bounce

Type: Bullish BounceKey Levels: Resistance: 51260Pivot: 50862Support: 50579Preferred Case:With prices moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 51260 in line with the 127.2% Fibonacci extension and overlap resistance from our pivot of 50862 in line with the 23.6% Fibonacci retracement and horizontal overlap support.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 50579 in line with the horizontal overlap support and 38.2% fibonacci retracement.Fundamentals: Due to increasing inflation rates in both the US and UK, we have a bullish view on the precious metal.

Source: Tickmill

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