Title
XAUUSD H1| Bearish Drop
Type
Bullish Bounce
Preference:
The price has just reacted to the pivot level at 3133.65, a swing high resistance. A drop from this level could lead the price toward the 1st support at 3119.35, a pullback support that aligns close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 3148.75, 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.