Type:
Bullish Bounce

Key Levels:
Resistance: 50906
Pivot: 50469
Support: 50300

Preferred Case:
With price moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 50906 in line with the 61.8% Fibonacci projection , 100% fibonacci projection , -27.2 fibonacci expansion and overlap resistance from our pivot of 50469 in line with the 38.2% Fibonacci retracement and horizontal overlap support.

Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 50300 in line with the horizontal pullback support, 78.6% fibonacci retracement and 50% Fibonacci retracement .

Fundamentals:
Due to increasing inflation rates in both the US and UK, we have a bullish view on the precious metal.