Title
XAUUSD H1 | Bearish momentum to extend
Type
Bearish reversal
Preference:
The price is rising towards the pivot at 3,661.69, which is a pullback resistance. A reversal from this level could lead the price toward the 1st support at 3,617.21, a pullback support that aligns with the 138.2% Fibonacci extension.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 3,685.77, which is a pullback resistance that aligns with the 127.2% Fibonacci extension.
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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.