Title
XAUUSD H4 | Approaching Multi-swing-low Support
Type
Bullish Bounce
Preference:
Price could fall towards the pivot point of 2,292.05 which is a multi-swing-low support that aligns with the 127.2% Fibonacci extension level and potentially reverse from here; we could see momentum carry price up to its 1st resistance at 2,319.79 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level.
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 2,269.01 which is a support level that aligns with the 161.8% Fibonacci extension level.
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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.