Title
XAUUSD H1 | Falling toward an overlap support
Type
Bullish Bounce
Preference:
The price is approaching the pivot at 3,341.94, an overlap support. A bounce off this level could lead the price toward the 1st resistance at 3,370.67, a swing-high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 3,330.84, an overlap support.
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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.