Title
XAUUSD H1 | Bullish Bounce
Type
Bullish Bounce
Preference:
Price is falling toward the pivot point of 2318, an overlap support close to 50% Fibo retracement. A bounce from this level could lead the price to rise to 1st resistance level of 2351, a pullback resistance close to 78.6% Fibo retracement.
Alternative scenario:
If the price breaks below the pivot, it could fall to 1st support at 2296, a multi-swing low support
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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.