Title
XAUUSD H1 I Bullish rise toward 161.8%?
Type
Bullish Reversal
Preference:
The price is approaching the pivot level of 2634.69, a pullback support. A bounce at this level could cause the price to rise to 1st resistance at 2658.47 close to 167.8% Fibonacci extension, a pullback resistance
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 2614.27, 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.