Title
XAUUSD 15M | Bearish Continuation
Type
Bearish Trend
Preference:
The price is rising toward the pivot level at 2,718.50, a pullback resistance that aligns close to the 61.8% Fibonacci retracement. A reversal from this level could lead the price to fall towards the 1st support at 2,702.33, a strong overlap support area.
Alternative Scenario:
If the price breaks above the pivot level, it may rise towards the 1st resistance at 2,724.70, which is a key swing-high 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.