Title
XAUUSD H4 | Potential Bullish Reversal
Type
Bearish Drop
Preference:
Price is approaching our pivot at 1891 which is overlap support along with a 23.6% Fibonacci retracement, if price were to break our pivot, it could drop to our support at 1861 which is overlap support along with the 50% Fibonacci retracement
Alternative scenario:
However, if price were to reverse from our pivot, it could push up to 1st resistance is 1923
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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.