Title
XAUUSD H1 I Bullish Bounce
Type
Bullish Bounce
Preference:
price has just bounced off to the pivot of 2666.63, a pullback support close to the 61.8% Fibonacci retracement. A bounce from this level could lead the price to rise to 1st resistance at 2708, an overlap resistance.
Alternative Scenario:
If price breaks below the pivot, it could fall to 1st support at 2630.47, a pullback 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.