Type : Bearish Momentum
Resistance : 1834.7
Pivot: 1816.5
Support : 1785.8
Preferred Case: On the H4, with price moving below the ichimoku cloud and within a descending channel, we have a bearish bias that price will drop from the pivot at 1816.5 in line with the overlap support to the intermediate support at 1806.2 in line with the 100% fibonacci projection, 127.2% fibonacci extension and horizontal swing low support. Once we have downside confirmation, we would expect bearish momentum to carry prices to 1st support at 1785.8 where the swing low support, 100% fibonacci projection and -27.2% fibonacci expansion are.
Alternative scenario: Alternatively, price may rise above pivot structure and head to the 1st resistance at 1834.7 where the swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: With no major news events for Gold and expected further strength in the DXY, we have a medium bearish view on gold.
Resistance : 1834.7
Pivot: 1816.5
Support : 1785.8
Preferred Case: On the H4, with price moving below the ichimoku cloud and within a descending channel, we have a bearish bias that price will drop from the pivot at 1816.5 in line with the overlap support to the intermediate support at 1806.2 in line with the 100% fibonacci projection, 127.2% fibonacci extension and horizontal swing low support. Once we have downside confirmation, we would expect bearish momentum to carry prices to 1st support at 1785.8 where the swing low support, 100% fibonacci projection and -27.2% fibonacci expansion are.
Alternative scenario: Alternatively, price may rise above pivot structure and head to the 1st resistance at 1834.7 where the swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: With no major news events for Gold and expected further strength in the DXY, we have a medium bearish view on gold.