Title
XAUUSD H4 | Bearish reversal
Type
Bearish Reversal
Preference:
Gold is trading below the pivot point at 2022.1, the overlap resistance which coincides with the 50% Fibonacci retracement level. Price is likely to reverse to 1st support at 2005.86, an overlap support.
Alternative scenario:
The price could break out of the pivot point and rise to 1st resistance at 2036.2, the overlap 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.