Type: Bullish ContinuationKey Levels:Resistance: 25.660Pivot: 25.150Support: 24.960Preferred Case:Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 25.150 in line 23.6% Fibonacci retracement towards our 1st resistance at 25.660 in line with 78.6% Fibonacci Extension. Our bullish bias is further supported by prices trading above our ichimoku cloud support.Alternative Scenario:If prices were reverse, they can potentially dip towards our 1st support at 25.960 which is a graphical swing low and also in line with 38.2% Fibonacci retracement.Fundamentals: As the renewed attacks and scheduled negotiations are on the way, we would expect the precious metal to maintain bids as with other correlated commodities. Downward pressure would only come from raised hopes of negotiation, and resolution, between the warring nations.
Source: Tickmill