Title
XAUUSD H4 | Falling toward a Swing-low Support
Type
Bullish Bounce
Preference:
The price is approaching the Pivot at 3,289.68, a swing-low support. A bounce off this level could lead the price toward the 1st Resistance at 3,339.99, a multi-swing-high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st Support at 3,272.46, a multi-swing-low 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.