Gold Futures (GC1!) H1 | Falling from Fibo confluence
Type:
Bearish Reversal
Key Levels:
Resistance: 2796.1
Pivot: 2783.1
Support: 2771.3
Preferred Case:
Looking at the H1 chart, the price could fall towards a pullback support and stabilize before making a bullish bounce to rise toward the 1st Resistance at 2796.1
Alternative Scenario:
Price may break below the Pivot at 2783.1 to fall towards the 1st Support at 2771.3
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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.