Title
XAUUSD H4 | React off 38.2%
Type
Bearish Reversal
Preference:
Price has just reacted off the pivot point of 1981.517 which is an overlap resistance that aligns with a 38.2% Fibonacci retracement. A reverse from here, price could fall to our 1st support at 1958.267 which is a swing low support level.
Alternative scenario:
However, if price breaks above the pivot, it could rally to 1st resistance at 2003.439 which is a pullback 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.