Title
XAUUSD 1H | Bearish Continuation
Type
Bearish Trend
Preference:
The price is currently trading below the pivot level at 2,703.81, signaling potential bearish momentum. A continuation of this move could drive the price towards the 1st support at 2,689.16, which aligns with strong overlap support that aligns close to the 50% Fibonacci retrtacemenmt.
Alternative Scenario:
If the price breaks above the pivot level, it may rise towards the 1st resistance at 2,716.99, an overlap 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.