Gold Futures (GC1!) H4 | Falling to Pullback Support
Type:
Bullish Bounce
Key Levels:
Resistance: 3,201.60
Pivot: 3,061.60
Support: 2,968.50
Preferred Case:
Looking at the H4 chart, the price could fall toward a pullback support and potentially stabilize around this level before rising toward the 1st Resistance at 3,201.60. The presence of a green Ichimoku Cloud adds further significance to the strength of the bullish momentum.
Alternative Scenario:
Price may break below the Pivot at 3,061.60 and fall toward the 1st Support at 2,968.50.
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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.