Title
XAUUSD H1 | Bearish Drop
Type
Bearish Reversal
Preference:
Price has jsut reacted off the pivot of 2308, an overlap support. A drop from this level could lead the price to fall to 1st support at 2291, a swing-low support level.
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 2331, a pullback resistance 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.