Micro Gold Futures (MGC), H4 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 1738.4
Pivot: 1721.8
Support : 1678.5
Preferred Case: On the H4, with price moving within a descending channel and RSI moving along a descending trendline, we have a bearish bias that price will drop from the pivot at 1721.8 where the pullback resistance is to 1st support at 1678.5 in line with swing low support and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 1738.4 where the swing high resistance and 38.2% fibonacci retracement are.
Fundamentals: As DXY rose in strength, we have a bearish view on precious metals like Gold .
Resistance : 1738.4
Pivot: 1721.8
Support : 1678.5
Preferred Case: On the H4, with price moving within a descending channel and RSI moving along a descending trendline, we have a bearish bias that price will drop from the pivot at 1721.8 where the pullback resistance is to 1st support at 1678.5 in line with swing low support and 78.6% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 1738.4 where the swing high resistance and 38.2% fibonacci retracement are.
Fundamentals: As DXY rose in strength, we have a bearish view on precious metals like Gold .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results