Title
XAUUSD H4 I Bearish Reversal?
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level of 2632.07, a pullback resistance close to the 38.2% Fibonacci retracement. A reversal from this level could cause the price to fall to 1st support at 2580, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 2673.36, an overlap resistance that aligns with the 61.8% Fibonacci retracement.
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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.