Title
XAUUSD Day | Potential Bearish Reversal
Type
Bearish Reversal
Preference:
The price is nearing our pivot point at 1999.608, which lines up with the 127.2% Fibonacci retracement. A reversal in price could lead it to decline towards the intermediate support at 1957.763. Additionally, the 1st support at 1879.031 is an overlap support.
Alternative scenario:
If the price breaks above the pivot, it has the potential to move up towards the first resistance level at 2072.764.
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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.