Title
XAUUSD H1 I Falling from 38.2% Fibo
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level of 2672.02, an overlap resistance close to the 38.2% Fibonacci retracement. A reversal from this level could cause the price to fall to 1st support at 2635.44, an overlap support close to the 78.6% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 2705.34, a pullback 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.