Title
XAUUSD H4 | A reverse in a short term
Type
Bullish Bounce
Preference:
The price is currently at our pivot point of 1990.325, which aligns with the 50% Fibonacci retracement level. If the price were to break below the pivot point, it could potentially drop down towards the 1st support level at 1976.571, which is a swing low support level.
Alternative scenario:
However, if price were to reverse from this level. it could potentially push up to 1st resistance at 1998.519 which lines up with 23.6% Fibonacci retracement.
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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.