Title
XAUUSD H4 | Bearish Drop
Type
Bearish Drop
Preference:
Price is currently at the pivot point of 2360, an overlap resistance that aligns with the 61.8% Fibonacci retracement resistance. A drop from this level could lead the price to fall to 1st support at 2332, an overlap support level
Alternative scenario:
If the price breaks above the pivot, it could rise to 1st resistance at 2381, a pullback 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.