Gold Futures (GC1!) H4 | Potential Bearish Reversal

Type:

Bearish Reversal

Key Levels:

Resistance: 2,588.20

Pivot: 2,561.70

Support: 2,513.80

Preferred Case:

Looking at the H4 chart, my overall bias for gold futures (GC1!) is bearish due to the price ranging sideways since August. The price could rise towards the Pivot and reverse off this level to fall towards the 1st Support at 2,513.80.

Alternative Scenario:

Price may break above the Pivot at 2,561.70 and rise towards the 1st Resistance at 2,588.20.