Type : Bearish Continuation
Resistance : 51102
Pivot: 50844
Support : 50563
Preferred Case: With price breaking the ascending channel and MACD having a bearish momentum, we expect prices to break through the ichimoku cloud. Also, we have a bearish bias that price will drop to our 1st support at 50563 in line with the 161.8% fibonacci extension, 38.2% fibonacci retracement and horizontal overlap support from our pivot at 50844 in line with the horizontal pullback resistance.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance at 51102 in line with the pullback resistance.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Resistance : 51102
Pivot: 50844
Support : 50563
Preferred Case: With price breaking the ascending channel and MACD having a bearish momentum, we expect prices to break through the ichimoku cloud. Also, we have a bearish bias that price will drop to our 1st support at 50563 in line with the 161.8% fibonacci extension, 38.2% fibonacci retracement and horizontal overlap support from our pivot at 50844 in line with the horizontal pullback resistance.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance at 51102 in line with the pullback resistance.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.