Type: Bearish dip
Resistance : 25.065
Pivot: 24.8
Support : 24.230
Preferred case: Prices are consolidating in a triangle pattern. We see the potential for a dip from our Pivot at 24.8 in line with 78.6% Fibonacci Projection towards our 1st support at 24.230 in line with 61.8% Fibonacci Projection . RSI is at levels where dips previously occurred and prices are trading below our ichimoku clouds, further supporting our bearish bias.
Alternative scenario: If prices were to continue their rally, they can potentially reach our 1st resistance at 25.065 which is in line with 127.2% Fibonacci Projection .
Fundamentals: With inflation and war tensions might result in a fundamentally upwards bias on the pair. As FA and TA are in conflict, we would advise investors to be prudent in trading the precious metal.