Gold Futures (GC1!), H4 bullish continuation!c
Type : Bullish continuation
Resistance : 1921.4
Pivot: 1890.8
Support : 1877.7
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 1890.8 in line with 50 Fibonacci retracement and 100% Fibonacci retracement towards our 1st resistance at 1921.4 in line with 61.8% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and our MA 50 & 200 forming a Golden cross.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1877.7 which is a graphical swing low and also in line with 127.2% Fibonacci extension .
Fundamentals: Gold prices would likely be bolstered by US PCE Price Index which saw a new record of 6.1% in January, higher-than-expected from the year-on-year forecast of 5.5% and December’s 5.8% and tension built-up Global sanctions on Russia. The situation remains fluid as we await negotiations at the Belarusian-Ukrainian border, we urge investors to remain on the side-lines.
Resistance : 1921.4
Pivot: 1890.8
Support : 1877.7
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 1890.8 in line with 50 Fibonacci retracement and 100% Fibonacci retracement towards our 1st resistance at 1921.4 in line with 61.8% Fibonacci Extension . Our bullish bias is further supported RSI being at levels where bounces previously occurred and our MA 50 & 200 forming a Golden cross.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1877.7 which is a graphical swing low and also in line with 127.2% Fibonacci extension .
Fundamentals: Gold prices would likely be bolstered by US PCE Price Index which saw a new record of 6.1% in January, higher-than-expected from the year-on-year forecast of 5.5% and December’s 5.8% and tension built-up Global sanctions on Russia. The situation remains fluid as we await negotiations at the Belarusian-Ukrainian border, we urge investors to remain on the side-lines.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.