Gold Futures (GC1!) H4 | Pullback Support at 23.6% Fibonacci Retracement
Gold Futures (GC1!) H4 | Pullback Support at 23.6% Fibonacci Retracement
Type:
Bullish Reversal
Key Levels:
Resistance: 2,733.20
Pivot: 2,679.20
Support: 2,654.40
Preferred Case:
Looking at the H4 chart, the price is falling towards a pullback support that aligns with a 23.6% Fibonacci retracement. It could stabilize around the Pivot before reversing to bounce towards the 1st Resistance at 2,733.20.
Alternative Scenario:
Price may break below the Pivot at 2,679.20 and fall towards the 1st Support at 2,654.40.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.