Type:
Bearish Momentum
Key Levels:
Resistance: 51158
Pivot: 50742
Support: 50157
Preferred Case:
On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 50742 in line with the swing high resistance and 38.2% fibonacci retracement to the 1st support at 50157 in line with the swing low support.
Alternative Scenario:
Alternatively, price may break through pivot structure and rise to the 1st resistance level at 51158 in line with the overlap resistance, 61.8% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals:
As the Fed has a 75-basis-point rate hike on the interest rate, we are bullish on Gold .
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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.