Type: Bullish RiseKey Levels:Resistance: 51144Pivot: 50723Support: 50416Preferred Case:On the H1, stochastic indicator is bouncing off resistance level which supports our bullish bias that price will rise from the pivot at 50723 where the swing low support and 78.6% fibonacci retracement are to the 1st resistance at 51144 in line with the pullback resistance and 61.8% fibonacci retracement .Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 50416 in line with the overlap support and 50% fibonacci retracement .Fundamentals:Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gold-futures-gold1-h1-potential-for-bullish-bounce"
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