Title
XAUUSD 4H | Bearish Reversal
Type
Bearish Trend
Preference:
The price is rising toward the pivot level at 2,732.81, which coincides with the 61.8% Fibonacci projection level. A reversal from this level could trigger a bearish move towards the 1st support at 2,696.53, a strong overlap support area.
Alternative Scenario:
If the price breaks above the pivot level, it may continue to rise towards the 1st resistance at 2,774.45, aligning with a key swing-high resistance zone.
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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.