Title
XAUUSD H4 I Bullish Bounced Off
Type
Bullish Reversal
Preference:
price is falling toward the pivot of 2657.12, a pullback support close to 38.2% Fibo retracement. A reversal from this level could lead the price to rise to 1st resistance at 2710.11, an overlap resistance
Alternative Scenario:
If price breaks below the pivot, it could fall to 1st support at 2618.92, an overlap support close to 61.8% Fibonacci retracement.
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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.