Type : Bullish continuation
Resistance : 1909.2
Pivot: 1888.23
Support : 1867.1
Preferred case: Prices are consolidating in a parallel channel and are on bullish momentum. We see the potential for further bullish continuation from our Pivot at 1888.23 in line with 23.6% Fibonacci retracement , 61.8% Fibonacci extension and 38.2% Fibonacci retracement towards our 1st resistance at 1909.2 in line with 100% Fibonacci extension and 127.2% Fibonacci expansion . Prices are trading above our Ichimoku clouds further supporting our bullish bias.
Alternative scenario: If prices were to dip, they can potentially drop towards our 1st support at 1867.1 in line with 38.2% Fibonacci retracement .
Fundamentals: Fed's re-iteration of the possibility of a 100bps hike of Fed funds rate by 1 July and also further escalating of tensions from Russo-Ukraine crisis will support further rally on the Commodity.
We will urge investors to exercise prudence when trading today as we expect high volatility amidst the FED speeches and major data releases tonight. (Fed Monetary Policy Report, CFTC Gold speculative net positions etc.)
Resistance : 1909.2
Pivot: 1888.23
Support : 1867.1
Preferred case: Prices are consolidating in a parallel channel and are on bullish momentum. We see the potential for further bullish continuation from our Pivot at 1888.23 in line with 23.6% Fibonacci retracement , 61.8% Fibonacci extension and 38.2% Fibonacci retracement towards our 1st resistance at 1909.2 in line with 100% Fibonacci extension and 127.2% Fibonacci expansion . Prices are trading above our Ichimoku clouds further supporting our bullish bias.
Alternative scenario: If prices were to dip, they can potentially drop towards our 1st support at 1867.1 in line with 38.2% Fibonacci retracement .
Fundamentals: Fed's re-iteration of the possibility of a 100bps hike of Fed funds rate by 1 July and also further escalating of tensions from Russo-Ukraine crisis will support further rally on the Commodity.
We will urge investors to exercise prudence when trading today as we expect high volatility amidst the FED speeches and major data releases tonight. (Fed Monetary Policy Report, CFTC Gold speculative net positions etc.)
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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Join Now and Unlock Your Free TradingView Subscription: tickmill.link/3RKXvWm
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。