Type:
Bullish Continuation
Key Levels:
Resistance: 25.945
Pivot: 25.665
Support: 24.895
Preferred Case:
Prices are at a key resistance. We see the potential for a pullback from our Pivot at 25.665 in line 61.8% Fibonacci retracement towards our 1st support at 24.895 in line with 38.2% Fibonacci Retracement and 100% Fibonacci extension. Our bearish bias is further supported by RSI depicting bearish momentum.
Alternative Scenario:
If prices were to continue its uptrend, they can potentially climb towards our 1st resistance at 25.945 which is a graphical swing low and also in line with 78.6% Fibonacci retracement.
Fundamentals:
As the renewed attacks and scheduled negotiations are on the way, we would expect the precious metal to maintain bids as with other correlated commodities. Downward pressure would only come from raised hopes of negotiation, and resolution, between the warring nations. As TA and FA are in conflict, we would ask investors to exercise prudence in trading.
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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.