Title
XAUUSD H4 | Potential Bullish Bounce
Type
Bullish Bounce
Preference:
The price is falling towards the pivot level of 2756.66, a pullback support. A reversal of this level could cause the price to rise to the 1st resistance at 2789.96 which aligns with the 161.8% Fibonacci extension
Alternative Scenario:
If the price breaks below the pivot, it may fall to the 1st support at 2738.65, a pullback support
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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.