Title
XAUUSD H4| Bearish Continuation
Type
Bearish Trend
Preference:
The price is rising toward the pivot level at 2758.53, a pullback resistance that aligns with the 50% Fibonacci retracement, signaling potential bearish momentum. A continuation of this move could drive the price towards the 1st support at 2721.82 which aligns close to the 61.80% Fibonacci retracement level and a pullback support zone.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 2,786., a swing-high resistance 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.