Type : Bearish Momentum
Resistance : 51144
Pivot: 51040
Support : 50683
Preferred Case: On the H1, price is moving within the descending channel, MACD is showing bearish momentum and price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 51040 in line with the overlap resistance to the 1st support at 50683 where the swing low support, 100% fibonnaci projection and 61.8% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 51144 in line with the overlap resistance and 61.8% fibonacci retracement.
Fundamentals: The outcome of the US CPI would confirm if inflation remains on a rising trend or if it is topping out which gives us a mixed bias on gold.
Resistance : 51144
Pivot: 51040
Support : 50683
Preferred Case: On the H1, price is moving within the descending channel, MACD is showing bearish momentum and price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 51040 in line with the overlap resistance to the 1st support at 50683 where the swing low support, 100% fibonnaci projection and 61.8% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 51144 in line with the overlap resistance and 61.8% fibonacci retracement.
Fundamentals: The outcome of the US CPI would confirm if inflation remains on a rising trend or if it is topping out which gives us a mixed bias on gold.