Type:
Bullish Continuation
Key Levels:
Resistance: 24.820
Pivot: 24.335
Support: 24.150
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 24.335 in line 50% Fibonacci retracement towards our 1st resistance at 24.820 in line with 50% Fibonacci Retracement . Our bullish bias is further supported RSI being at levels where bounces previously occurred and prices trading above our Ichimoku clouds .
Alternative Scenario:
If prices were to reverse, they can potentially dip towards our 1st support at 24.150 which is a graphical swing low and also in line with 78.6% Fibonacci extension.
Fundamentals:
Upon completion of the first round of talks between the warring countries, amid hostilities from both sides, we are likely to see the precious metal in consolidation mode pending the development on the Moscow-Kyiv battles, both on and off the fields. As the situation remains fluid, we would recommend investors to remain on the sidelines.
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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.