Title
XAUUSD M15 | Potential bearish reversal
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 2789.89, a pullback resistance that aligns with the 38.2% Fibonacci retracement; the price continues to trade under the red Ichimoku Cloud, signaling potential bearish momentum. A bearish reversal could drive the price toward the 1st support at 2771.85, which is an overlap support that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 2804.38, which acts as a key overlap resistance level.
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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.