Type: Bullish BounceKey Levels:Resistance: 1949.2Pivot: 1916.8Support: 1904.5Preferred Case:Prices are consolidating in a triangle pattern . We see the potential for further bullish continuation from our Pivot at 1916.8 in line graphical overlap and 61.8% Fibonacci retracement towards our 1st resistance at 1959.0 in line with 100% Fibonacci Projection . Our bullish bias is further supported by RSI being at levels where bounces previously occurred.Alternative Scenario:If prices were to reverse, they can potentially reach our 1st support at 1904.5 in line with 78.6% Fibonacci projection .Fundamentals:With continuation of Russo-Ukraine invasions and inflation, we might expect a slight bullish turn towards the precious metal.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gold-futures-h4-or-potential-for-bounce"
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