Title
XAUUSD H1 | Potential bounce off
Type
Bullish Bounce
Preference:
The price is approaching our pivot point at 1969.863, which is a multi-swing low support level that aligns with the 78.6% Fibonacci retracement. If there is a bounce off the pivot, it could rally to 1st resistance level at 1997.487, which is a swing high resistance level
Alternative scenario:
However, if it breaks below, it could drop to 1st support at 1949.634 which is swing low support 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.