Title
XAUUSD H1 | Bullish Continuation
Type
Bullish Reversal
Preference:
The price is approaching the pivot level at 2922.96, a pullback support that aligns with the 38.2% Fibonacci retracement. A bounce from this level may rise toward the 1st resistance at 2942.46 which aligns close to the 61.8% Fibonacci projection and the 200% Fibonacci extension
Alternative Scenario:
If the price breaks below the pivot level, it could fall toward the 1st support at 2909.18 an overlap 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.