Title
XAUUSD 30M | Bearish Breakout
Type
Bearish Reversal
Preference:
The price is currently hovering around the pivot level at 2,860.954, signaling potential bearish momentum if it breaks below this level. A continuation of this decline could drive the price towards the 1st support at 2,844.229, which aligns with the 50.00% Fibonacci retracement level and serves as a strong support zone.
Alternative Scenario:
If the price rebounds from the pivot, it may rise toward the 1st resistance at 2,882.048, which acts as a key resistance level.
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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.