Title
XAUUSD H4 | Could we see a reversal from here?
Type
Bearish reversal
Preference
The price is reacting off the pivot at 4,627.28, which is a resistance level that aligns with the 127.1% Fibonacci extension and the 100% Fibonacci projection. A reversal from this level could lead the price toward the 1st support level at 4,497.60, a pullback support that aligns with the 38.2% Fibonacci retracement.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 4,718.21, a resistance at the 161.8% Fibonacci extension.
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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.