Title
XAUUSD 15M | Bearish Drop Toward Pivot
Type
Bearish Trend
Preference:
The price has just reacted off the pivot level at 2823.50, a swing-high resistance, A continuation of this decline could drive the price down toward the 1st support level at 2,803.10, which aligns with the 50% Fibonacci retracement and a pullback support
Alternative Scenario:
If the price rebounds strongly from the pivot, it may retest the 1st resistance at 2,830.29, a key resistance area.
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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.