Title
XAUUSD H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price has just reacted off the pivot level of 2731 -2734, which aligns with 161.8% Fibonacci extension and 61.8% Fibonacci projection. A reversal at this level could cause the price to drop to 1st support at 2686, a pullback support.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance level at 2771.56, which aligns with 78.6% Fibonacci projection
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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.