Title
XAUUSD H1 | Bearish drop off
Type
Bearish reversal
Preference:
The price is rising towards the pivot at 4,200.960, which is a pullback resistance that aligns with the 23.6% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support level at 4,150.04, an overlap support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 4,244.04, which is a pullback resistance level.
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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.