Title
XAUUSD H4 | Bounce off 1st support level
Type
Bullish Bounce
Preference:
Price is approaching our pivot at 2032.969 which is a pullback resistance level that lines up with 38.2% Fibonacci retracement. A bounce off from this level, price could rally to 1st resistance at 2045.629 which is an overlap resistance
Alternative scenario:
However, if price breaks below the pivot, it could drop to 1st support at 2010.869 which is an overlap support
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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.