Gold Futures (GC!), H4 Potential for Bullish bounce!

6 apr 2022

Type: Bullish bounce
Resistance : 1959.0
Pivot: 1921.0
Support : 1910.2
Preferred case: Prices have recently broken out of our descending trendline. We see the potential for further bullish continuation from our Pivot at 1921.0 in line graphical overlap and area of Fibonacci confluences towards our 1st resistance at 1959.0 in line with 61.8% Fibonacci Projection . Our bullish bias is further supported by RSI being at levels where bounces previously occurred.

Alternative scenario: If prices were to reverse, they can potentially reach our 1st support at 1910.2 in line with 61.8% Fibonacci projection .

Fundamentals: With continuation of Russo-Ukraine invasions and inflation, we might expect a slight bullish turn towards the precious metal.