Title
XAUUSD H1 | Bearish continuation off overlap resistance
Type
Bearish reversal
Preference:
The price is rising towards the pivot at 4,057.23, which is an overlap resistance that aligns with the 50% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 3,945.46, a multi swing low support that aligns with the 145% Fibonacci extension.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 4,152.32, which is a pullback resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.