Title
XAUUSD H4 | Bearish Reversal
Type
Bearish Continuation
Preference:
The price is currently rising towards the pivot level at 2,680.23, a key resistance zone that aligns with the 127.2% Fibonacci extension level. A reversal from this level could lead the price to fall towards the 1st support at 2,650.82, an overlap support level.
Alternative Scenario:
If the price breaks above the pivot, it may rise further towards the 1st resistance at 2,699.91, a significant resistance level aligning close to the 161.8% Fibonacci extension.
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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.