Gold (GOLD1!), H1 Potential For Bullish Bounce

39595 gold gold1 h1 potential for bullish bounce

Type: Bullish BounceKey Levels:Resistance: 50906Pivot: 50469Support: 50300Preferred Case:With price moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 50906 in line with the 61.8% Fibonacci projection , 100% fibonacci projection , -27.2 fibonacci expansion and overlap resistance from our pivot of 50469 in line with the 38.2% Fibonacci retracement and horizontal overlap support.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 50300 in line with the horizontal pullback support, 78.6% fibonacci retracement and 50% 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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