Title
XAUUSD H4 | Bounce off 78.6%
Type
Bullish Bounce
Preference:
Price is testing our pivot point at 1939.483 which is aligns with a 78.6% Fibonacci retracement. A bounced off from here, piece could rally to 1st resistance at 1954.68 which is a pullback resistance.
Alternative scenario:
However, if price breaks below the pivot point, it could fall to 1st support at 1927.389 which is just below the recent swing low support 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.