Title
XAUUSD | H4 | Reverse from 78.6% Fibo
Type
Bearish Reversal
Price is moving up to our pivot at 2025 which lines up with a 61.8% Fibonacci retracement. A reverse from here, price could fall to 1st support 2005.845 which is an overlap support.
Alternative scenario:
However, if price breaks above the pivot point, price could rally to 1st resistance at 2041.465 which is a 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.