Title
XAUUSD Day | Bounce off support level?
Type
Bullish Bounce
Preference:
Price is falling to our pivot zone 1880 - 1888 that around 61.8% Fibo projection. A bounce off from here, price could rise to 1st resistance at 1905.796 which is a pullback resistance.
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support at 1862 which is below 78.6% Fibo retracement and 127.2% Fibo extension.
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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.