Type: Bullish MomentKey Levels:Resistance: 62941Pivot: 62243Support: 61634Preferred Case:With the MACD having a bullish momentum and prices moving above the ichimoku cloud , which supports our bullish bias that price will rise from our pivot at 62243 in line with pullback support to our 1st resistance at 62941 where the 78.6% fibonacci projection , 78.6% fibonacci retracement and swing high resistance are.Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 61634 in line with the pullback support.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