Gold (mini) Futures (QO1!), H4 Potential For Bearish Continuation

42177 gold mini futures qo1 h4 potential for bearish continuation

Type: Bullish BounceKey Levels:Resistance: 1878.75Pivot: 1862.5Support: 1778.25Preferred Case:On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will continue to drop from the pivot at 1862.5 at the swing high in line with the 78.6% fibonacci retracement to the 1st support at 1778.25 at the swing low in line with the 100% fibonacci projection and -27.2% fibonacci expansion .Alternative Scenario:Alternatively, price could reverse off the pivot and rise to the 1st resistance at 1878.75 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement .Fundamentals:With no major news events for Gold and expected further strength in the DXY , we have a medium bearish view on gold .

Source: Tickmill

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