Title
XAUUSD 1H | Bearish Reversal
Type
Bearish Trend
Preference:
The price is currently trading near the pivot level at 2,777.198 which aligns close to the 161.8% Fibonacci extension and the 61.8% Fibonacci projection, signaling a potential reversal. If the price remains below this level, we could see a pullback towards the 1st support at 2,759.738, which aligns with a previous swing low and a pullback support zone.
Alternative Scenario:
If the price breaks above the pivot level, it may continue its bullish momentum towards the 1st resistance at 2,789.808, near the 78.6%ibonacci projection and a 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.