Type:
Bullish Continuation
Key Levels:
Resistance: 1910.9
Pivot: 1918
Support: 1904.5
Preferred Case:
Prices have been on bullish momentum and have consolidated in a parallel channel. We see the potential for further bullish consolidation from our Pivot at 1918 which is an area of Fibonacci confluences towards our 1st resistance at 1943.3 in line with 161.8% Fibonacci Projection. Our bullish bias is further supported prices trading above our ichimoku cloud support and RSI depicting bullish momentum.
Alternative Scenario:
If prices were to reverse, they can potentially dip towards our 1st support at 1904.5 which is a graphical overlap support.
Fundamentals:
Russo-Ukraine tensions seemed to tighten, the precious metal is likely to stay bid above the psychological support with the high likelihood of a physical confrontation. As the situation remains fluid, we prefer to remain on the sidelines.US PMI data releases today might mean more volatility in the trading of the commodity during those timings.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.