Type:
Bullish Continuation
Key Levels:
Resistance: 25.660
Pivot: 24.325
Support: 23.910
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 24.325 in line 78.6% Fibonacci retracement towards our 1st resistance at 25.660 in line with 100% Fibonacci Retracement . Our bullish bias is further supported prices trading above our ichimoku clouds .
Alternative Scenario:
If prices were to reverse, they can potentially dip towards our 1st support at 23.910 which is a graphical swing low and also in line with 100% Fibonacci extension .
Fundamentals:
Amidst highest inflation recorded for the most developed countries, we are likely to see crowds flock to safety on safe-haven assets such as precious metals, supporting a overall bullish bias. As the renewed attacks and scheduled negotiations are on the way, we would expect much volatility from the asset.
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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.