Gold Futures (GC1! H4) due for a short pullback! | 24th Feb 2022
Type : Bearish reversal
Resistance : 1963.4
Pivot: 1943.9
Support : 1912.2
Preferred case: Prices have consolidated in a parallel channel. We see the potential for a short pullback from our Pivot at 1943.9 in line with 78.6% Fibonacci extension towards our 1st support at 1912.2 in line with 61.8% Fibonacci Retracement. Our bearish bias is further supported RSI being at levels where dips previously occurred.
Alternative scenario: If prices were to continue its rally, they can potentially rise towards our 1st resistance at 1963.4 which is a new swing high and also in line with 100% Fibonacci extension.
Fundamentals: Russo-Ukraine tensions seemed to escalate with the latest invasions from Russia, the precious metal rally will seemingly continue. As the TA and FA are in conflict, we prefer to remain on the sidelines.
Resistance : 1963.4
Pivot: 1943.9
Support : 1912.2
Preferred case: Prices have consolidated in a parallel channel. We see the potential for a short pullback from our Pivot at 1943.9 in line with 78.6% Fibonacci extension towards our 1st support at 1912.2 in line with 61.8% Fibonacci Retracement. Our bearish bias is further supported RSI being at levels where dips previously occurred.
Alternative scenario: If prices were to continue its rally, they can potentially rise towards our 1st resistance at 1963.4 which is a new swing high and also in line with 100% Fibonacci extension.
Fundamentals: Russo-Ukraine tensions seemed to escalate with the latest invasions from Russia, the precious metal rally will seemingly continue. As the TA and FA are in conflict, we prefer to remain on the sidelines.