Title
XAUUSD H4 | React off resistance
Type
Bearish Reversal
Preference:
Price is currently at our pivot point of 1912.723 which is an overlap resistance. A reverse from here, price could fall to 1st support at 1894.686 which is a swing low support level
Alternative scenario:
However, if price breaks above the pivot, it could rally to 1st reassurance at 1933.952
Furthermore, price is below a major descending trend line and a descending trend line acting as resistance.
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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.