Title
XAUUSD 15M | Bearish Reversal Potential
Type
Bearish Continuation
Preference:
The price is currently testing the pivot level at 2,698.77. A rejection from this level could lead the price to decline towards the 1st support at 2,688.54, a strong overlap support zone.
Alternative Scenario:
If the price breaks above the pivot, it may rise further towards the 1st resistance at 2,708.16, a significant Fibonacci extension level at 161.8%.
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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.