GC1! H4 | Potential for bullish continuation
Type : continuation
Resistance : 1909.2
Support : 1867.1
Preferred case: Prices are consolidating in a and are on momentum. We see the potential for further continuation from our at 1888.23 in line with 23.6% , 61.8% and 38.2% towards our 1st resistance at 1909.2 in line with 100% and 127.2% . Prices are trading above our further supporting our bias.
Fundamentals: Fed’s re-iteration of the possibility of a 100bps hike of Fed funds rate by 1 July and also further escalating of tensions from Russo-Ukraine crisis will support further rally on the Commodity.
We will urge investors to exercise prudence when trading today as we expect high amidst the FED speeches and major data releases tonight. (Fed Report, CFTC Gold speculative net positions etc.)