Gold Futures (GC1!), H4 Potential Bullish Breakout
Type:
Bullish Breakout
Key Levels:
Resistance: 2,378.20
Pivot: 2,347.20
Support: 2,329.70
Preferred Case:
Looking at the H4 chart, my overall bias for Gold futures (GC1!) is bullish as the U.S. dollar sells off aggressively at today's open. With price rising towards the pivot, it could potentially break through this level and the bullish momentum could drive price higher towards the 1st resistance.
Alternative Scenario:
Price may reverse from the pivot at 2,347.20 and drop towards the 1st support level at 2,329.70.
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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.