Type: Bearish MomentumKey Levels:Resistance: 62760Pivot: 62027Support: 61455Preferred Case:On the H4, price is moving below the ichimoku cloud and breaking out from the ascending channel which supports bearish bias that price will rise to and drop from our pivot at 62027 in line with the 50% fibonacci retracement and pullback resistance to the support at 61455 in line with the swing low support.Alternative Scenario:Alternatively, price may break through pivot to the resistance level at 62760 in line with the 78.6% fibonacci projection .Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Source: Tickmill
