Title
XAUUSD M30 | Bearish Drop
Type
Bearish Reversal
Preference:
The price is moving down toward the 1st support at 2,880.266, which aligns with the 0.786 Fibonacci retracement level. A break below this support could lead to further downside movement—the pivot level at 2,895.331 acts as a pullback resistance, reinforcing bearish pressure.
Alternative Scenario:
If the price breaks above the pivot level, it may rise toward the 1st resistance at 2,909.294, an overlap 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.