Gold Futures (GC1!) H1 | Pullback Support at 23.6% Fibonacci Retracement
Gold Futures (GC1!) H1 | Pullback Support at 23.6% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 2,959.10
Pivot: 2,906.00
Support: 2,882.80
Preferred Case:
Looking at the H1 chart, the price is falling towards a pullback support where it could stabilize before reversing to bounce higher toward the 1st Resistance at 2,959.10. The presence of the green Ichimoku Cloud adds further significance to the strength of the bullish momentum.
Alternative Scenario:
Price may break below the Pivot at 2,906.00 and fall towards the 1st Support at 2,882.80.
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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.