Title
XAUUSD H4 | React off resistance
Type
Bearish Reversal
Preference:
Price is rallying to our pivot point of 1957.181 which is an overlap resistance level that aligns with a 38.2% Fibonacci retracement. A reverse from here, price could fall to 1st support at 1937.553 which is swing low support level.
Alternative scenario:
However, if price were to break above the pivot point, It could rally to 1st resistance at 1980.618 which is a multi swing high 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.