Title
XAUUSD M30 H4 I Bearish Drop
Type
Bullish Reversal
Preference:
The price is testing the pivot level 3223.46, a pullback resistance that aligns close to the 61.8% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 3198.28, a multi-swing low support.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 3240.89, a multi-swing high 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.