Type: Bullish BounceKey Levels:Resistance: 51260Pivot: 50862Support: 50579Preferred Case:With prices moving above our Ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 51260 in line with the 127.2% Fibonacci extension and overlap resistance from our pivot of 50862 in line with the 23.6% Fibonacci retracement and horizontal overlap support.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 50579 in line with the horizontal overlap support and 38.2% fibonacci retracement .Fundamentals:Due to increasing inflation rates in both the US and UK, we have a bullish view on the precious metal.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gold-gold1-h1-potential-for-bullish-bounce24"
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