Gold Futures (GC1!) | H4 Potential Bearish Reversal

Type:

Bearish Reversal

Key Levels:

Resistance: 2,424.30

Pivot: 2,399.80

Support: 2,355.30

Preferred Case:

Looking at the H4 chart, my overall bias for Gold futures (GC1!) is bearish due to the price trading within a bearish channel while the presence of the red Ichimoku Cloud adds further bearish significance to the overall momentum. The price could make a reverse off the pivot and fall toward the 1st Support at 2,355.30.

Alternative Scenario:

Price may break above the pivot at 2,399.80 and rise towards the 1st Resistance level at 2,424.30.