Title
XAUUSD D1 | Bearish Reversal from Fibo Confluence
Type
Bearish Reversal
Preference:
The price is currently testing the pivot level at 2,857.981, showing signs of potential exhaustion and aligning with the 127.2% Fibonacci extension and the 61.8% Fibonacci projection. A rejection from this level could drive the price downward toward the 1st support at 2,790.885, a pullback support level.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 2,935.580, which aligns with the 161.80% Fibonacci extension level and acts as a major resistance area.
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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.