Title
XAUUSD H4 | Bearish Drop
Type
Bearish Reversal
Preference:
The price is approaching the pivot level at 2920.19, a pullback resistance. A reversal from this level could lead the price toward the 1st support at 2881.97, a pullback support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 2953.84, a multi 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.