Type:
Bullish Bounce

Key Levels:
Resistance: 51260
Pivot: 50862
Support: 50579

Preferred Case:
With prices moving above our Ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 51260 in line with the 127.2% Fibonacci extension and overlap resistance from our pivot of 50862 in line with the 23.6% Fibonacci retracement and horizontal overlap support.

Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 50579 in line with the horizontal overlap support and 38.2% fibonacci retracement .

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