Gold Futures (GC1!) H4 | Approaching 78.6% Fibonacci Retracement

Type:

Bearish Reversal

Key Levels:

Resistance: 2,694.90

Pivot: 2,676.40

Support: 2,625.10

Preferred Case:

Looking at the H4 chart, my overall bias for gold futures (GC1!) is bearish due to the price approaching a resistance level that is accompanied by a 78.6% Fibonacci retracement. The price could stall around the Pivot before reversing to fall towards the 1st Support at 2,625.10.

Alternative Scenario:

Price may break above the Pivot at 2,676.40 and rise towards the 1st Resistance at 2,694.90.