Gold Futures (GC1!) H1 | Potential Bullish Bounce
Type:
Bullish Bounce
Key Levels:
Resistance: 2,716.30
Pivot: 2,675.20
Support: 2,659.40
Preferred Case:
Looking at the H1 chart, the price is approaching a multi-swing-low support where it could stabilize before reversing to bounce higher. The bullish momentum could cause the price to rise towards the 1st Resistance at 2,716.30.
Alternative Scenario:
Price may break below the Pivot at 2,675.20 and fall towards the 1st Support at 2,659.40.
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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.