Title
XAUUSD H4 | Bearish Reversal Off the 50% Fib
Type
Bearish Reversal
Preference:
The price is approaching the pivot level at 3297.35, a pullback resistance that aligns with the 50% Fibonacci retracement. A reversal off this level could lead the price toward the 1st support at 3247.63, an overlap support that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 3346.66, 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.