Gold Futures (GC1!) H4 I Swing-high Resistance at 61.8% Fibonacci Projection
Gold Futures (GC1!) H4 I Swing-high Resistance at 61.8% Fibonacci Projection
Type:
Bearish Reversal
Key Levels:
Resistance: 3,400.70
Pivot: 3,370.50
Support: 3,297.70
Preferred Case:
Looking at the H4 chart, the price is rising toward the pivot and could potentially make a bearish reversal off this level before falling toward the 1st Support at 3,297.70.
Alternative Scenario:
Price may break above the Pivot at 3,370.50 and rise toward the 1st Resistance at 3,400.70.
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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.