Title
XAUUSD H4 | Bounce off support level?
Type
Bullish Bounce
Preference:
Price has just bounced off our pivot point of 1936.814 which is a pullback support level that aligns with 50% Fibo retracement. A bounce off from here, price could push to 1st resistance at 1944.291
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support at 1925.241 which is an overlap support
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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.