Title
XAUUSD H4 | Bearish fall from the 61.8% Fibo?
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 2914.99 which aligns with the 61.8% Fibonacci retracement level and a pullback resistance. A reversal at this level could cause the price to fall toward 1st support at 2882.11, an overlap support level.
Alternative Scenario:
If the price breaks above the pivot level, it may rise toward the 1st resistance at 2942.44, a swing high resistance.
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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.