Type: Bullish RiseKey Levels:Resistance: 1891.47 Pivot: 1838.042Support: 1829.137Preferred Case:On the H4, with price moving in the ascending trendline and entering the bullish pressure area on the MACD indicator, we have a bullish bias that price will rise from the pivot at 1838.042 at the swing low to the 1st resistance at 1891.47 in line with the 78.6% fibonacci projection and 50% fibonacci retracement at the swing high.Alternative Scenario:Alternatively, price may reverse off the pivot and drop to the 1st support at 1829.137 in line with the 100% fibonacci projection.Fundamentals:The recent sideways price action on gold supports the notion of a balance between expectations of rate increases by hawkish central banks vs the inflation rate.
Source: Tickmill
