Title
XAUUSD H4 | Bearish reversal off 50% Fibo
Type
Bearish Reversal
Preference:
Price is approaching our pivot point at 1931.09 which is an overlap resistance that aligns with the 50% Fibo retracement. Price could then become bearish and head towards the 1st support level at 1912.25.
Alternative scenario:
If price breaks above the pivot point, price could potentially head upwards to the 1st resistance at 1956.72, or before the 78.6% fibo retracement 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.