Title
XAUUSD H4 React off 5o% Fibonacci retracement
Type
Bearish Reversal
Preference:
Price is rallying to our pivot point at 1986.79 which aligns with a 50% Fibonacci retracement. A reverse from here, price will be fall to 1st support at 1953.87 which is a swing low support level
Alternative scenario:
however, if price breaks above the pivot, it could rally to 1st resistance at 2003.824 which is a pullback resistance 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.