Gold Futures (GC1!) H4 | Approaching Overlap Support

Type:

Bullish Bounce

Key Levels:

Resistance: 2,694.90

Pivot: 2,656.60

Support: 2,627.20

Preferred Case:

Looking at the H4 chart, my overall bias for gold futures (GC1!) is neutral due to the price trading in a sideways channel. The price could stabilize around the Pivot once more before reversing to bounce higher towards the 1st Resistance at 2,694.90.

Alternative Scenario:

Price may break below the Pivot at 2,656.60 and fall towards the 1st Support at 2,627.20.