XAGUSD H1 | Potential bearish drop off
Title
XAGUSD H1 | Potential bearish drop off
Type
Bearish reversal
Preference
The price could rise towards the pivot at 88.21, a pullback resistance. A reversal from this level could lead the price toward the 1st support level at 82.43, a pullback support that is slightly above the 50% Fibonacci retracement.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 91.81, a 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.