Gold Futures (GOLD1!), H1 Potential for Bearish Continuation
Type : Bearish Momentum
Resistance : 50877
Pivot: 50577
Support : 50290
Preferred Case: On the H4, price is moving below the ichimoku cloud and breaking from the ascending channel which supports bearish bias that price will drop from our pivot at 50577 in line with the overlap resistance to the 1st support at 50290 in line with the pullback support, 161.8% fibonacci extension and 61.8% fibonacci retracement.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 50877 in line with the overlap resistance .
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Resistance : 50877
Pivot: 50577
Support : 50290
Preferred Case: On the H4, price is moving below the ichimoku cloud and breaking from the ascending channel which supports bearish bias that price will drop from our pivot at 50577 in line with the overlap resistance to the 1st support at 50290 in line with the pullback support, 161.8% fibonacci extension and 61.8% fibonacci retracement.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 50877 in line with the overlap resistance .
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.