Title
XAU/USD H4 I Falling toward support level?
Type
Bearish Drop
Preference:
The price is currently at our pivot point of 2015.69, which serves as a multi-swing resistance level. A reverse from this point could lead the price to fall to the 1st support at 2005.98, an overlap support.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 2023.92, above the 161.8% Fibo extension.
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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.