Title
XAUUSD H4 | Potential bearish reversal?
Type
Bearish Reversal
Preference:
Price has is at our pivot zone between 1900-1905 which is a multi swing high resistance that aligns with 23.6% Fibo retracement. A reverse from here, price could fall to 1st support at 1891.379 which is an overlap support level
Alternative scenario:
However, if price breaks above the pivot, it could rise to 1st resistance at 1913.944 which is above the swing high resistance 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.